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UK House Prices Slip 0.4% in May After Stamp Duty Holiday Ends

Buyer confidence is tied to expected interest rate cuts following the market’s absorption of a spring purchase surge

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House prices have been making small monthly movements this year, which the mortgage lender Halifax said indicated a stable market

Overview

  • Halifax reported that the average UK house price fell by 0.4 percent in May to £296,648.
  • The annual rate of price growth slowed to 2.5 percent in May from 3.2 percent in April.
  • Bank of England figures show mortgage approvals for home purchases dropped by 3,100 in April to 60,500, marking a third consecutive monthly decline.
  • HM Revenue and Customs data indicate April saw just 64,680 house transactions, down 64 percent from March’s 177,440 ahead of the stamp duty deadline.
  • Analysts say market stability now depends on the timing of interest rate cuts, wage growth and inflation trends, with the upcoming Renters’ Rights Bill potentially shifting landlord decisions and housing supply.