In July, the UK housing market saw a 0.4% price increase, stronger than the predicted 0.3%. Year-over-year prices rose by 2.4%, with an average of £298,237. Despite a slight slowdown from June's 2.7% growth, figures align with Nationwide's reported 0.6% rise. The market stabilised after a surge of transactions to beat stamp duty changes in April. Halifax's Amanda Bryden predicted steady gains for the rest of the year, citing easing mortgage rates and improving affordability. Official data indicated a 13.4% increase in residential property sales in June with a rise in mortgage approvals.
The UK housing market recorded its fastest monthly growth of the year in July, with prices rising by 0.4% according to the latest figures from Halifax.
On an annual basis, prices were 2.4% higher than in July 2024, reaching an average of £298,237.
Combined with more flexible affordability assessments now in place, Bryden said, the result is a housing market that 'continues to show resilience, with activity levels holding up well.'
Data from HM Revenue and Customs showed that the number of seasonally adjusted residential property sales rose by 13.4% in June to 93,530 transactions.
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