(Alliance News) - Annual growth in UK house prices quickened last month, but edged lower on a monthly basis, numbers from mortgage lender Halifax showed Friday.
UK house price growth quickened to 1.6% in June on-year, from 1.5% in May.
Prices edged 0.2% lower in June from May, having being flat a month earlier.
The monthly rise in June was expected to be 0.2%, according to FXStreet-cited consensus.
The average UK house price in June was GBP288,455, lower compared to GBP288,931 in May.
Halifax noted that Northern Ireland records the strongest annual house price growth in the UK.
"This continued stability in house prices – rising by just +0.4% so far this year – reflects a market that remains subdued, though overall activity has been recovering. For now it's the shortage of available properties, rather than demand from buyers, that continues to underpin higher prices," said Halifax Head of Mortgages Amanda Bryden.
"Mortgage affordability is still the biggest challenge facing both homebuyers and those coming to the end of fixed-term deals. This issue is likely to be eased gradually, through a combination of lower interest rates, rising incomes, and more restrained growth in house prices."
By Sophie Rose, Alliance News senior reporter
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