UK house prices rise unexpectedly in July
Halifax reported a surprise 0.6pc rise in house prices in July but warned homeowners the market was slowing.
The average price increased to £167,425 from £166,351 and followed falls in the previous three months – including a 0.6pc fall in June. The rise beat economists’ forecasts of a 0.3pc fall in July.
“The mixed pattern of monthly rises and falls over the first seven months of the year is consistent with a slowing market,” said Martin Ellis, housing economist at Halifax.
“It is also in line with our view that house prices will be broadly unchanged over 2010 as a whole.”
Prices in July were 4.8pc higher compared with a year earlier, the same as the year-on-year increase in June but lower than the peak of 8.7pc in April.
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