When will house price increases finally cool off?

The latest figures from Halifax show prices rises slowing a little, but there is a long way to go, writes Ben Chapman

House prices are still too high for many people’s budgets (PA Archive)

Rejoice! UK house prices have finally started to cool off, according to the latest figures from Halifax.

At first glance that might appear to be good news for aspiring homeowners grasping for that elusive first rung of the property ladder.

But they should probably hold off on celebrating just yet. Halifax found that prices rose 10.5 per cent in the year to May, down slightly from the month before, but still ridiculous. The average house price hit a record high of £289,099 in May, and across the UK the typical property value increased by £2,857 month-on-month.