UK House Prices See Slight Dip in June 2024, Stability Expected to Continue
UK house prices fell by 0.2% in June 2024, with a 1.6% increase over the past 12 months, according to Halifax. The mortgage lender predicts stability in the market, with prices likely to rise later this year.
Uk House PricesHalifaxMortgage LenderProperty MarketInterest RatesReal EstateJul 05, 2024
Amanda Bryden, Head of Mortgages at Halifax, commented, 'This continued stability in house prices - rising by just +0.4% so far this year - reflects a market that remains subdued, though overall activity has been recovering.' Bryden attributed the stability to the shortage of available properties, rather than demand from buyers, which continues to underpin higher prices.
The UK's Labour Party, which is expected to win the parliamentary election, has promised to speed up home-building by reforming the country's planning system. This move is likely to impact the housing market, with potential buyers and sellers keeping a close eye on developments.
Regionally, London saw a 0.9% increase in house prices over the past 12 months, while Northern Ireland witnessed the fastest regional price growth, with a 4.0% rise from the previous year. Rival mortgage lender Nationwide also 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 it slowed down after the Bank of England pushed interest rates to their highest since 2008 last year. However, with interest rates expected to fall soon, the market is likely to rebound.
Halifax is a leading mortgage lender in the UK, providing a range of financial services to homeowners and buyers.
Halifax is a well-established financial institution in the UK, with a rich history of providing mortgage and banking services to its customers. With a strong reputation for reliability and customer service, Halifax is a trusted name in the UK financial sector.
Frequently Asked Questions
What was the change in UK house prices in June 2024?
UK house prices fell by 0.2% in June 2024.
What was the annual change in UK house prices to June 2024?
UK house prices rose by 1.6% over the past 12 months to June 2024.
What is expected to happen to interest rates in the near future?
Interest rates are expected to fall soon, with a 55% chance of the Bank of England cutting rates for the first time in more than four years on August 1.
What is the current state of the UK housing market?
The UK housing market is currently subdued, but overall activity has been recovering.
What is the main factor driving higher prices in the UK housing market?
The shortage of available properties, rather than demand from buyers, is the main factor driving higher prices in the UK housing market.
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