The Halifax House Price Index for July was released this morning, offering fresh insights into the UK housing market.
According to the latest figures, house prices rose in July. This marks the strongest monthly surge since the beginning of the year.
Other highlights include:
- Monthly Change: +0.4% in July in comparison to June where the prices remained flat with 0.0%
- Annual Growth: rate has somewhat decreased with 2.4% vs in June with 2.7%
- Average house price: the price for a typical property is now £298,237 compared to £297,157 last month
- Regional Standouts: Northern Ireland continues to be the highest performing nation or region in the UK, with house prices surging by 9.3% over the past year. The average home now costs £214,832.
Amanda Bryden, Head of Mortgages, Halifax said: “The second half of this year will also see a notable rise in homeowners coming to the end of fixed-rate deals taken out during the pandemic-era property boom; a period marked by ultra-low interest rates and soaring house prices. While most borrowers coming to the end of five-year fixed-rate mortgage deals will see their monthly repayments rise, the extent of this will vary across households. Those coming off a two-year fixed-rate are very likely to see their monthly payments come down, as they originally locked in rates during the peak that followed the 2022 mini-budget. We’re unlikely to see a significant impact on house prices, but it may influence market dynamics if prospective home movers choose to delay plans as a result of tighter budgets.”
The next House Price Index report is due to publish on the 5th September.
