House prices in the United Kingdom observed an annual rise of 1.6% in June to average £288,455, Halifax said in its House Price Index report published on Friday. The figure was little changed to 1.5% registered the previous month. Compared to May, the prices decreased by 0.2%. Meanwhile, quarter-to-quarter, they declined by 0.5%.
"This continued stability in house prices – rising by just +0.4% so far this year – reflects a market that remains subdued, though overall activity has been recovering. For now it's the shortage of available properties, rather than demand from buyers, that continues to underpin higher prices," Halifax Head of Mortgages Amanda Bryden said.
"While in the short-term the housing market is delicately balanced and sensitive to the pace of change to Base Rate, based on our current expectations property prices are likely to rise modestly through the rest of this year and into 2025," she concluded.
