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UK house prices up 8.8% in June

House prices in the United Kingdom climbed 8.8% in June compared to the same month a year earlier, according to the monthly Halifax House Price Index report released on Wednesday.

Meanwhile, the House Price Index declined 0.5% compared to May's report while the average UK property price stood at £260,358 last month.

"With the stamp duty holiday now being phased out, it was predicted the market might start to lose some steam entering the latter half of the year, and it’s unlikely that those with mortgages approved in the early months of summer expected to benefit from the maximum tax break, given the time needed to complete transactions," Halifax Managing Director Russell Galley commented on current trends.

Breaking the News / JC