House prices dip ‘unexpected'

HOUSE prices suffered a steeper than expected fall last month following the end of the stamp duty holiday, according to figures published by Halifax.

- By Amber Murray

The average property price fell by 0.4% month on month in May, after rising 0.3% in April, putting the value of an average home at £296,648.

The decline is a much steeper fall than the 0.1% City economists had expected.

And it is the biggest quarterly drop in value in almost a year, as economic uncertainty continues to affect the property market, with the annual rate of growth slowing to 2.5% from 3.2% in April.

“These small monthly movements point to a housing market that has remained largely stable,” said Amanda Bryden, head of mortgages at Halifax.