Annual house price growth drops in July

Yearly property price inflation, which Halifax measures by the average of the last three months against the same period last year, has tailed off significantly from the recent high of 6.9% in May. The drop came despite the month of July seeing a modest increase of 0.6%, offsetting the June's fall of 0.6%. The average property price is now £167,425, which is 16% below the peak in August 2007. Prices in July are marginally lower than at the end of 2009, but have still risen 8.3% on their April 2009 trough. Martin Ellis, housing economist for Halifax, says: "Overall, there has been li...