UK House Prices Dip 0.2% in June 2024, Stability Expected
UK housing market remains subdued despite slight price fall, with experts predicting stability and potential rise in 2024 and 2025
Uk Housing MarketHouse PricesHalifaxMortgage RatesBank Of EnglandReal Estate NewsJul 05, 2024
Amanda Bryden, head of mortgages at Halifax, noted that the market remains subdued, with overall activity recovering. She attributed the stability in house prices to a shortage of available properties, rather than demand from buyers.
The Labour Party, which is expected to win the parliamentary election, has promised to reform the country's planning system to speed up home-building. This could potentially impact the housing market in the future.
Regionally, house prices in London rose by 0.9% over the 12 months to June, while Northern Ireland saw the fastest regional price growth, up 4.0% from a year earlier. Rival mortgage lender Nationwide reported a small gain of 0.2% in June from May, with prices 1.5% higher than in June last year.
The UK housing market experienced a boom during the coronavirus pandemic, but slowed after the Bank of England pushed interest rates to their highest since 2008 last year. Investors are currently predicting a 55% chance of the BoE cutting rates for the first time in more than four years on August 1.
information Halifax is a British banking brand that operates as a subsidiary of the Bank of Scotland. The company provides a range of financial services, including mortgages, savings accounts, and insurance.
The Bank of England is the central bank of the United Kingdom, responsible for setting monetary policy, regulating banks, and maintaining financial stability.
Frequently Asked Questions
What was the change in UK house prices in June 2024?
House prices fell by 0.2% in June 2024.
What is the expected trend in UK house prices over the rest of 2024 and into 2025?
Experts predict stability and potential rise in house prices over the rest of 2024 and into 2025.
What is the main factor underpinning higher house prices in the UK?
The shortage of available properties is currently underpinning higher house prices.
What is the Labour Party's promise for the UK housing market?
The Labour Party has promised to reform the country's planning system to speed up home-building.
What is the predicted chance of the Bank of England cutting interest rates on August 1?
Investors predict a 55% chance of the BoE cutting rates for the first time in more than four years on August 1.
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