Prices are little changed over the last six months says Halifax in its latest house price research. The pace of annual decline also slowed to -2.4% in July, versus -2.6% in June. These figures add to the sense of a housing market which continues to display a degree of resilience in the face of tough economic headwinds.
Kim Kinnaird, Director, Halifax Mortgages says: “Prospects for the UK housing market remain closely linked to the performance of the wider economy. Several factors are providing support, notably strong wage growth, running at around +7% annually. And, while the uptick in unemployment is likely to restrain that somewhat, it seems unlikely to reach levels that would trigger a sharp deterioration in conditions. However, while there have been recent signs of borrowing costs stabilising or even falling, they will likely remain much higher than homeowners have become used to over the last decade.”
The latest Land Registry house price index shows that property rose 1.7% annually in June up 0.7% on May meaning the average UK house price is now £288,000, £5,000 higher than 12 months ago but £5,000 below the recent peak in November 2022. All property types were recorded as having annual price increases.
