According to the Halifax house price growth was flat in June at 0.0% vs dip of -0.3% in May and the average property price now ยฃ296,665 compared to ยฃ296,782 last month.
The annual rate of growth edges down to +2.5% from +2.6 in May and first-time buyer numbers have returned to pre-stamp duty change levels
Northern Ireland has by far the strongest annual price growth in the UK.
Amanda Bryden, Head of Mortgages, Halifax, said, โThe UK housing market remained steady in June, with the average property price effectively
unchanged over the month, following a slight drop of -0.3% in May. At ยฃ296,665, the average house price is still around +2.5% higher than this time last year.
โThe marketโs resilience continues to stand out and, after a brief slowdown following the spring stamp duty changes, mortgage approvals and property transactions have both picked up, with more buyers returning to the market. Thatโs being helped by a few key factors: wages are still rising, which is
easing some of the pressure on affordability, and interest rates have stabilised in recent months, giving people more confidence to plan ahead.
โLenders have also responded to new regulatory guidance by taking a more flexible approach to affordability assessments. Over the last two months, weโve already helped an additional 3,000 buyers โ including more than 1,000 first-time buyers โ access a mortgage they wouldnโt have qualified for before.
โOf course, challenges remain. Affordability is still stretched, particularly for those coming to the end of fixed-rate deals. The economic backdrop also remains uncertain; while inflation has eased, itโs still above target, and there are signs the jobs market may be softening.
โBut with markets pricing in two more rate cuts from the Bank of England by year end, and the average rate on newly drawn mortgages now at its lowest since 2023, we continue to expect modest house price growth in the second half of the year.โ
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