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7/7, 8:06 AM (Source: TeleTrader)
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UK house prices up 13% in June

House prices in the United Kingdom increased by 13% in June on an annual basis, the Halifax House Price Index report said on Thursday, with the average house price standing at £294,845.

Month-on-month, house prices rose by 1.7%. In the April to June quarter, the prices were up 3.8% compared to the prior three-month period.

"The UK housing market defied any expectations of a slowdown, with... the biggest monthly rise since early 2007... The supply-demand imbalance continues to be the reason house prices are rising so sharply," Halifax Managing Director Russell Galley explained, warning that "a slowing of house price growth should still be expected in the months ahead."

Baha Breaking News (BBN) / MS