Prices creep up in May
HOUSE prices crept up 0.1 per cent in May, according to the Halifax, which says the trend is downwards.
The average house price now stands at £160,519, down 4.2 per cent on a year ago.
Halifax chief economist Martin Ellis says: “House prices continue to drift modestly downwards as measured by the underlying trend. Prices in the three months to May were 1.2 per cent lower than in the previous three months, unchanged from April. There was a 0.1 per cent rise in prices in May following April’s 1.4 per cent decline.
“Low earnings growth, higher taxes and relatively high inflation are all putting pressure on household finances. Confidence is also weak.”