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UK house prices up 0.4% in June

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UK house prices up 0.4% in June

Growth in the average asking price for U.K. homes fell to 0.4% month over month in June but was buoyed by tight supply in the north of the country, property portal Rightmove said.

Average prices rose to £309,439 in June. The pace of growth slowed from May's reading of 0.8%.

In annual terms, prices rose 1.7%, following a 1.1% increase in the prior month.

"[I]f you dig a bit deeper, you'll find that the main driver is good buyer demand in the comparatively stock-starved northern half of Britain's housing market," said Rightmove director Miles Shipside.

Strong buyer activity has shrunk available stock levels in northern Britain, where prices are cheaper than in the south.

In London, prices were down 0.9% annually and by 1.0% in monthly terms.