The latest Halifax House Price Index shows average house prices in June dipping slightly, for the first time since January.
Halifax says the average house price is now £260,358, a 0.5% drop on the previous month. However, the annual level of house price inflation is still standing at 8.8%.
Russell Galley, Managing Director of Halifax said:
“Government support measures over the last year have helped to boost demand, particularly amongst buyers searching for larger family homes at the upper end of the market. Indeed, the average price of a detached home has risen faster than any other property type over the past 12 months, up by more than 10% or almost £47,000 in cash terms. At a cost of over half a million pounds, they are now £200,000 more expensive than the typical semi-detached house.
“That power of homemovers to drive the market, as people look to find properties with more space, spurred on by increased time spent at home during the pandemic, won’t fade entirely as the economy recovers.
“Coupled with buyers chasing the relatively small number of available properties, and continued low borrowing rates, it’s a trend which can sustain high average prices for some time to come.