Particle.news

Download on the App Store

UK House Prices Flat in June Despite Diverging Annual Trends

Rising unemployment is testing buyer confidence ahead of anticipated Bank of England rate cuts

Overview

  • Halifax reports average UK house prices held steady in June at £296,665, marking a 2.5% increase year-on-year.
  • Nationwide data shows a 0.8% month-on-month price drop to £271,619 in June, the fastest decline since February 2023.
  • Official figures place unemployment at 4.6% and payroll numbers down by 55,000, indicating weakening labour market conditions.
  • Halifax head of mortgages Amanda Bryden warns that high mortgage costs continue to stretch household affordability.
  • Halifax has approved mortgages for an additional 3,000 buyers using more flexible affordability assessments, including over 1,000 first-time purchasers.