Annually house prices increased by 0.6% across the UK with Northern Ireland seeing the strongest gains of 7.4% over the year.
This monthly increase comes following in a dip in prices in May. Indeed, June marks the first house price rise in four months.
The data is from the Lloyds House Price Index (HPI), which has until this month been known as the Halifax HPI. It was formally announced last week that Halifax is rebranding to Lloyds.
Amanda Bryden, head of mortgages at Lloyds, said: “Recent price trends continue to reflect wider economic uncertainty, including the impact of global events on inflation and interest rate expectations.
“While affordability remains stretched for many buyers, mortgage rates have eased from their recent highs, offering some encouragement to those considering a move.
“While latest industry data shows the number of new mortgage approvals dropped in May, this wasn’t unexpected given the spike in rates seen earlier this year, and we’d expect to see activity recover assuming borrowing costs continue to fall.”
First-time buyer house prices
Lloyds also focussed in on first-time buyer properties to reveal annual prices have grown by 0.8% in June from 0.3% in May.
It means the average first-time buyer property now has a price tag of £240,433, which Lloyds said shows demand remained resilient.
House prices in the regions
In line with Nationwide’s house price index, Lloyds’ HPI also highlighted Northern Ireland as the area with the strongest growth. Here average prices soared by 7.4% over the past year to £229,000.
Scotland experienced growth of 3.9%, with an average price of £223,277 and Wales saw prices rise by 0.9% on average, pushing a typical home’s value to £231,142.
In England, growth was strongest in the North with the North East seeing prices rise 2.8% over the year to £181,133.
In the South, however, prices fell with the South East seeing declines of 2% annually to £381,654 and London prices nosediving by 1.1% £534,831.
Bryden added: “Looking ahead, we expect the housing market to continue moving at a measured pace. Lower borrowing costs should provide some support for demand, though affordability constraints remain an important factor.
“The outlook for house prices will depend largely on inflation continuing to ease and household confidence gradually improving.”