House prices drop for third month in a row, says Halifax

House prices person fallen for the 3rd period successful a row, according to the Halifax arsenic owe rates for millions proceed to climb.

The High Street lender said prices successful June fell by 0.1% and were indicative of a cooling market.

The emblematic UK spot present costs £285,932, against a highest past August of £293,992.

The Halifax said confederate England had witnessed the astir downward unit connected spot prices.

The slope said location prices fell by 2.6% compared with a twelvemonth earlier - the biggest yearly autumn for 12 years, compared with an yearly autumn of 1.1% successful May, citing higher involvement rates arsenic a backdrop for the drop.

Adam Smith, laminitis of Alfa Mortgages predicted the strain being enactment connected people's finances would "almost surely nonstop prices lower" during the months ahead.

"Inflation is proving highly stubborn and the basal complaint is present expected to highest acold higher than we thought a mates of months ago. However, the lodging marketplace could inactive acquisition a correction alternatively than a clang during the adjacent 12 months owed to the deficiency of proviso and spot of the jobs market," helium said.

Last period the Nationwide said UK location prices had fallen astatine their fastest yearly gait for astir 14 years.

The gathering nine said prices successful the twelvemonth to May dropped by 3.4%, the biggest diminution since July 2009.