On the whole, UK house prices stopped increasing during June, indicating that the housing market is beginning to slow. At the same time, there was a surge in sales of the most expensive properties costing £1 million or more.
The Land Registry has released its figures for June showing that the average house price has remained stable since May, at around £172,000. There was a fall in the annual rate of growth, with June showing prices as 6.4 percent higher than they were one year ago, compared with 6.7 percent in May. Even so, the average house price remains not far from the 2007 peak figure of £181,466. Although prices dropped in seven out of 10 UK areas in June, they continued to increase in London as well as the South East.
The Land Registry data is just one of a number of recent reports which seem to indicate that new, stricter mortgage regulations are having a cooling effect on the housing market. A report from the mortgage lender Halifax also suggested that the difficulty of finding a deposit, potential interest rate rises and higher house prices have led to a reduction in the number of people who think it would be wise to purchase a house over the next year.
For those still attempting to climb onto the housing ladder, increasing numbers are seeking advice from mortgage experts. As a result, CeMAP courses in London and other major cities are becoming more popular with applicants eager to become qualified to provide that help.