House prices dip – but still average almost £200,000

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House prices dipped 0.6% in July, the Halifax has said.

It puts the average UK house price at £198,883 on a “seasonally adjusted” basis, down from £200,280 in June.

The change brings annual house price inflation down to 7.9%.

Stephen Noakes, managing director of retail customer products, said: “The underlying pace of house price growth remains robust notwithstanding the easing in July.

“Continuing economic recovery, earnings growth in excess of consumer price inflation and very low mortgage rates all underpin housing demand.

“Supply is highly restricted with the stock of homes available for sale falling further to new record lows.

“This combination of well-supported demand and tight supply is likely to ensure that house price growth remains relatively strong in the near term.”