House prices in the UK are set to rise through the rest of the year according to Halifax. The average UK house price increased by 0.8 per cent between June and July this year, new data reveals.
The news will come as a relief to many. Last week lenders such as Halifax, NatWest and Santander cut interest rates by up to 0.20 percent. The UK’s biggest lender, Nationwide, has also begun offering a sub-4 percent deal for some new buyers. It’s own measure of house prices rose by 2.1 percent in the 12 months to July, making it the biggest annual increase since December 2022.
The average property price was up £291,268 in July, from £289,042 in June. However, the price of homes varies hugely depending on where you’re buying.
The Halifax House Price Index has listed the cheapest and most expensive places to buy in the country.
This comes after the news that last week the Bank of England cut rates to 5 percent from a 16-year high of 5.25 percent, its first cut since March 2020.
Halifax’s head of mortgages, Amanda Bryden said: “Against the backdrop of lower mortgage rates and potential further Base Rate reductions, we anticipate house prices to continue a modest upward trend throughout the remainder of this year,”
Nearly all regions across the UK saw an increase, apart from Eastern England where prices were down 0.4 per cent month-on-month.
Northern Ireland saw the biggest leap in price, where home values jumped 5.8 percent between June and July 2024.
Unsurprisingly, London continues to have the most expensive properties, with an average house price of £536,052, up 1.2 percent on last year.