House price growth easing, says Halifax
A new survey released this morning put house prices up 0.3% in May, slower than the previous month and weaker than experts had been expecting.
House price growth slowed from the previous month's 0.9% increase and fell shy of the 0.5% rise predicted, according to a report from mortgage lender Halifax.
The easing growth indicates that higher interest rates may be starting to curb enthusiasm in the housing market, with rates having risen four times since last August to 5.50%.
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The data also showed a fifth straight monthly decline in buyer interest in properties, which suggests a further slowdown is on the cards.
But the annual three month rate of price growth came in at 10.6%, down a touch from April's 10.9%.
The Bank of England is expected to keep UK rates on hold at midday today, but an increase to 5.75% is expected before long and 6% is widely anticipated by the year end.
