Home prices rise as mortgages fall

House prices rose by 1 per cent in June, according to the Halifax, suggesting that there is still some life left in the British property market despite falling levels of mortgage approvals.

However, the trend over the last three months is flat.

The Halifax reported a 0.4 per cent rise in May and a 2.3 per cent fall in April, resulting in a quarter-on-quarter fall of 0.3 per cent.

The average UK house price in June was £162,417, 18.6 per cent below the all-time high of £199,612 registered in August 2007.

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