Economic news

UK house prices increase at slowest rate since May 2013

UK house prices in the last three months increased at the slowest rate year-on-year since May 2013 as rising inflation shrank the finances of many consumers, according to mortgage lender Halifax's index.

Average property values were down from 3.3% in May to 2.6% in June. Across the Britain, the average house price is £218,390.

Economists polled by Reuters had forecast a 3.1 percent rise.

One of the main reason for the slowdown was a fall in consumer confidence as consumer costs grew faster than salaries.

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