UK House Prices Rise To New Record High For Third Month: Rightmove

UK house prices increased to a new record high for the third consecutive month in June, property website Rightmove said on Monday.

House prices increased by a moderate 0.8 percent month-on-month in June, which was slower than the 1.8 percent rise seen in May.

Although this was the largest increase at this time of year since 2015, buoyed by the strength of both the top end of the market and hotspot lifestyle change locations, data indicates an early sign of slowing in the pace of the current hectic market, Rightmove said.

The national average of property prices rose to a new record high for the third consecutive month. The average property prices totaled GBP 336,073.

On a yearly basis, house price growth accelerated to 7.5 percent in June from 6.7 percent in May.

Tim Bannister, Rightmove's Director of Property Data, said "Higher prices combined with a lack of fresh choice coming to market are reducing some buyers' ability or desire to move, and while we expect the market to remain robust, there are early signs of a slackening in the incredible pace of activity that we've seen over the last year."

This super-charged activity cannot go on forever, but the market is expected to remain vigorous for at least the remainder of the year, Bannister added.

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