UK house price growth accelerated in June, defying expectations that the market will cool as consumers face pressure from rampant inflation, figures. According to Halifax, UK house prices rose 13% yearly in June, the strongest growth since late 2004, accelerating from an 11% rise in May. Monthly, prices rose 1.8%, hitting GBP294,845, another record high. House prices have now risen for 12 months on-the-bounce, Halifax noted.
In May, house prices had risen 1.2%. “The UK housing market defied any expectations of a slowdown, with average property prices up 1.8% in June, the biggest monthly rise since early 2007. This means house prices have now risen every month over the last year, and are up by 6.8% or GBP18,849 in cash terms so far in 2022,” Halifax Managing Director Russell Galley commented.