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House price rise stagnates after HIPs abolition
Business Digest: Increase in houses on the market is not being matched by new buyers
House prices rose by just 0.1 per cent in June, according to Nationwide. Compared to rises of 0.5 per cent in May and one per cent in March and April, it suggests the recovery in property prices is stagnating.
The annual change fell from 9.8 per cent in May to 8.7 in June, with the average house now costing £170,111.
Nationwide's chief economist, Martin Gahbauer, said the weak growth in June could be down to an increase in the supply of houses coming onto the market, "perhaps in response to the abolition of HIPs in the opening days of the new coalition government".
The outlook for the future isn't particularly good either, with the Bank of England releasing figures that show mortgage approvals also unexpectedly low in May.
Read a full report at the Daily Telegraph. ·
