Property prices inch higher

House prices inched ahead in the UK last month but are unlikely to show much change for the rest of the year, Halifax said yesterday.

Other commentators warned the market could halt this summer. Prices rose by 0.5 per cent month on month across the UK in May, following a 2.3 per cent monthly fall in April, to reach £160,941 on average, the bank said.

Over the past year, prices are down just 0.1 per cent, the smallest annual decline for 17 months.

Halifax's housing economist Martin Ellis said: "We expect this situation to continue with prices likely still to be around today's levels at the end of 2012."

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