House prices dip in June

House prices dip in June, but underpinned by upward momentum 

House prices dip

House prices dipped by 0.5% in June as the stamp duty holiday winds down, according to the Halifax, but annual house price inflation stands at +8.8% and house prices have risen by just over £21,000 over the last year. 

But one dip does not make a fall

One month of falling house prices does not buck a trend and that trend, for now, is still up not down. For some, the easing of lockdown and the prospect of a summer holiday may take some heat out of the housing market, but others will be keen to move before the end of September and cathartically put COVID behind them.

The direction of travel for house prices in the medium term will be driven by a combination of COVID and economic recovery if the economic recovery is as strong as the COVID vaccines the housing market is set for a strong performance.