Flat UK house prices persist as interest rate cut looms

Posted on July 5, 2024   |  

In June, house prices remained "relatively flat," dropping by 0.2% to an average of £288,455.

The Halifax House Price Index shows a small 0.4% rise in house prices this year, indicating a "subdued market."

Higher prices are currently supported by a shortage of available properties, not by buyer demand.

Mortgage affordability is the biggest challenge for both new buyers and those with ending fixed-term deals.

The affordability issue is expected to gradually improve with lower interest rates, rising incomes, and slower house price growth.