House Price Rises Cooling

The Halifax report that the annual rate of house price growth is continuing to slow.

In the year to May house price inflation fell to 3.3%, down from 3.8% in the year to April.

Over the last three months there has been virtually no change in prices, the Halifax said.

Since March property prices have fallen by 0.2%. This was only the second quarterly drop since November 2012.

However between April and May, prices actually rose by 0.4%.

Exuberant property bubbles always burst, a gradual slowing is far better than a sudden collapse.