House prices rose in June for the first time in almost 18 months, according to the most comprehensive gauge of the market, in a sign that housing may be close to bottoming out.
Prices rose by 0.1% in June, the Land Registry index suggested, after showing no decline in May and a 0.1% fall in April. The last time the index showed a rise in house prices was in January 2008.
'There’s no doubt we are seeing some stabilisation . . . and signs that the market is returning to what might be considered orderly conditions,' said Simon Rubinsohn, chief economist at the RICS. 'But I don’t think we are out of the woods yet.'
The pause in falling prices in the Land Registry index means that almost all the main measures of the housing market are now pointing towards a flattening off of house prices.
Financial Times, The Times