UK house prices grew by 4.9 per cent in the year to the end of June according to the government’s official index.
This is a tiny 0.1 per cent lower than in the year to the end of May; although the annual growth rate has slowed since mid-2016 it has remained broadly around five per cent.
The June data, produced by the Land Registry, shows the average residential property value now hitting £223,257, but with significant regional differences.
In England, an annual price increase of 5.2 per cent which takes the average property value to £240,325. Monthly house prices have risen by 0.8 per cent since May.
Patrick McCutcheon, Head of Residential Sales here at Dacres says: “These figures show a fairly stable market, and here in Yorkshire average house prices have certainly grown in the majority of the sectors, partly due to the continuing lack of supply.
“It is difficult to be certain what is holding sellers back. Interest rates remain very competitive, stamp duty obligations are softer on the majority than they were, and employment remains healthy. Moving forward we are predicting that the supply levels will remain at, or about, the present levels for the foreseeable future, but we suspect that price growth will ease too due to income drag holding back what borrowers can secure from lenders.”