In July, UK house prices saw a notable increase of 0.8%, signaling renewed momentum in the housing market. According to Halifax, a leading mortgage lender, this rise brings the average house price to £291,268, up from £289,042 in June. This growth marks a departure from the previous three months of modest gains, where increases hovered between just 0.1% and 0.2%.
The annual growth rate also saw a boost, climbing to 2.3%—the highest recorded since January of this year. This uptick in the market is a positive sign for prospective buyers and homeowners alike.
Amanda Bryden, Head of Mortgages at Halifax, highlighted the recent developments in the mortgage landscape, noting that last week’s Bank of England base rate cut, along with reductions in mortgage rates from major lenders, are likely to further support the housing market. For those looking to purchase a new home or climb the property ladder, these changes could provide the perfect opportunity to make their move.
As we look ahead, the combination of lower mortgage rates and increasing property values suggests that the UK housing market may continue to experience steady growth throughout the remainder of the year. This is an encouraging outlook for both investors and homebuyers, as the market appears poised for continued resilience and expansion.
Reference: https://www.theguardian.com/business/article/2024/aug/07/uk-house-prices-to-rise-through-rest-of-year-after-jump-in-july
