The average house prices in June across Britain have fallen for four months in a row, as the property market continued to emerge from COVID-19 lockdown, said mortgage lender Halifax Tuesday.
Halifax’s House Price Index showed the average prices in June were 237,616 pounds (about 298,509 U.S. dollars), falling 0.1 percent compared with the previous month.
“Though only a small decrease, it is notable as the first time since 2010 — when the housing market was struggling to gain traction following the shock of the global financial crisis — that prices have fallen for four months in a row,” said Russell Galley, managing director of Halifax.
Meanwhile, Galley said activity levels “bounced back strongly” in June, which is typically the busiest month for mortgage market in the country.
“New mortgage enquiries were up by 100 percent compared to May,” said Galley, adding that prospective buyers revisited purchases previously put on hold and “transaction volumes rose sharply” compared to previous months.
“However, whilst encouraging, it remains too early to say if this level of activity will be sustained,” added Galley.
On a quarterly basis, the prices in the second quarter (April to June) were 0.9 percent lower than in the preceding three months, revealed the Halifax.
Meanwhile, house prices in June were 2.5 percent higher than in the same month a year earlier, data showed.
Regarding the sentiment ahead based on survey of agents and households, Galley said “the near-term outlook points to a continuation of the recent modest downward trend in prices through the third quarter of the year”. Enditem