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UK house price growth falls to lowest level since 2013, Halifax says

U.K. house prices rose 3.3% in the three months to May compared to the same period of last year, as the market continued to cool from the recent peak of 10% annual growth reached in March 2016, mortgage lender Halifax said June 7.

Three-month house price growth was down from 3.8% in April and the lowest annual rate since May 2013, Halifax said.

Prices went up 0.4% on a monthly basis, with the average price increasing to £220,706 in May from £219,649 in April.

Martin Ellis, housing economist for Halifax, said price levels would be sustained in the coming months due to the low supply of new homes and existing properties for sale coupled with historically low mortgage rates and a high employment rate.

Meanwhile, the Nationwide Building Society said U.K. house prices increased at their slowest annual pace in nearly four years in May.