House prices rise in June across UK
UK house prices rose one per cent last month, according to Halifax. However, prices are down 0.5 per cent compared to June last year.
The average UK house price now stands at £162,417 and typical mortgage payments for a new borrower are around 26 per cent of disposable earnings, significantly below the 36 per cent average over the past 27 years
Martin Ellis, housing economist at the bank, said: “In May 2011, house prices were falling at an annual rate of 4.2 per cent. In contrast, there has been broad stability recently. Continuing low levels of mortgage payments relative to income and recent increases in employment may have helped support house prices so far this year.”