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House prices continue to increase as market shows resilience

The latest Halifax House Price Index shows that prices increased by 1.8% in June, the 12th consecutive monthly rise.

According to the firm, the annual growth rate of 13% is the highest since late 2004. It said that the typical property now costs £294,845 and that Northern Ireland continues to post the strongest growth in the UK.

Russell Galley, managing director at Halifax, said: “The UK housing market defied any expectations of a slowdown, with average property prices up 1.8% in June, the biggest monthly rise since early 2007. This means house prices have now risen every month over the last year, and are up by 6.8% or £18,849 in cash terms so far in 2022, pushing the typical UK house price to another record high of £294,845.”

Richard Eagling, personal finance expert at NerdWallet, added: “All the speculation is that the UK property market is on the cusp of a slowdown. These figures continue to defy such suggestions, and they are unlikely to encourage prospective first-time buyers. Month-on-month house price increases are still resolutely in double figures, while aspiring homeowners also have rising interest rates and inflation to deal with, which affects how much they can borrow and save respectively.”

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