UK House Prices Remain Out of Reach Despite Wage Growth

High mortgage rates continue to strain affordability, as house prices see slight increases and market activity slows.

Average UK house price rose by 0.2% in June, reaching £266,604.
Annual house price growth accelerated to 1.5% in June, still 3% below the 2022 peak.
Mortgage rates remain significantly higher than 2021 levels, impacting affordability.
Housing transactions involving mortgages have dropped by nearly 25% compared to pre-pandemic levels.
Regions like Northern Ireland saw the fastest house price growth, while East Anglia experienced declines.