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UK house prices rose at their quickest pace in six months during July, according to new data from mortgage lender Halifax released Thursday. The housing market is showing signs of stabilizing after the conclusion of the stamp duty holiday.
Home prices climbed by 0.4% in July compared to June, exceeding the forecasted 0.1% increase. This marks the strongest monthly rise since January.
On an annual basis, the growth in house prices eased slightly, slowing to 2.4% in July from 2.7% in June.
Amanda Bryden, Head of Mortgages at Halifax, noted that house price changes vary significantly across regions and depend on multiple factors such as location and property type.
"While challenges remain for those trying to enter or move up the property ladder, easing mortgage rates and continued wage growth are gradually making homes more affordable," she said.
Experts predict modest but steady price increases in the housing market throughout the rest of the year.
Meanwhile, the Bank of England is expected to cut interest rates for the fifth time this year to stimulate economic growth, despite inflation remaining above the 2% target. A 0.25-point cut is anticipated, which would bring the rate down to 4.00% — the lowest level since early 2023.
