The average UK house price edged down by 0.1% month-on-month in May, reflecting continued global uncertainties, according to an index.<\/p>\n
Across the UK, the average property price in May was \u00a3298,806, marking a 0.5% annual increase, Halifax said.<\/p>\n
Amanda Bryden, head of mortgages, Halifax, said: \u201cProperty price trends continue to reflect the uncertainty linked to developments in the Middle East.<\/p>\n
\u201cDespite recent cuts to mortgage rates, higher inflation expectations have kept borrowing costs above the level seen at the start of the year, continuing to stretch affordability for many buyers and temper demand.<\/p>\n
\u201cEven so, overall activity has held up well, reflecting the underlying resilience of the UK housing market.<\/p>\n
\u201cLatest industry figures show transaction levels remain relatively stable, suggesting buyers and sellers are still moving.\u201d<\/p>\n
She added: \u201cLooking ahead, borrowing costs and consumer confidence are likely to continue shaping activity in the coming months, with house prices expected to be broadly stable while interest rates stay elevated.<\/p>\n
\u201cThe housing market remains closely tied to wider global developments, with a return to sustained house price growth dependent on an improvement in the inflation outlook and a fall in mortgage costs.\u201d<\/p>\n
Karen Noye, a mortgage expert at wealth manager Quilter said: \u201cSeasonally, this is typically a period where activity holds up reasonably well, but momentum can become more uneven as the summer progresses.<\/p>\n
\u201cAs the holiday season takes hold and attention shifts from new homes to holidays, we often see a further softening in demand, particularly through July and August.\u201d<\/p>\n
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: \u201cAs swap rates, which underpin the pricing of fixed-rate mortgages, continue to fall, so lenders continue to trim their mortgage rates, which is helping ease affordability.<\/p>\n
\u201cHowever, the steadiness in house prices suggests buyers are still prepared to negotiate hard and are not willing to pay over the odds.<\/p>\n
\u201cFirst-time buyers will be encouraged as house prices remain steady rather than soar.\u201d<\/p>\n
Iain McKenzie, chief executive of The Guild of Property Professionals, said: \u201cCommitted movers are still transacting.\u201d<\/p>\n
Nathan Emerson, chief executive of property professionals\u2019 body Propertymark, said: \u201cBuyers are becoming more selective, and professional guidance is increasingly important in helping transactions progress smoothly.\u201d<\/p>\n
Sarah Coles, head of personal finance at AJ Bell, said: \u201cThe property market is usually flourishing at this time of year, with new growth springing up and brighter days bringing buyers back in droves.<\/p>\n
\u201cThis May was decidedly less fruitful for sellers.<\/p>\n
\u201cHigher mortgage rates have taken a toll, pushing property prices out of reach for some, and persuading others that now isn\u2019t the time to take the leap.<\/p>\n
\u201cHowever, an awful lot of this is down to sentiment.<\/p>\n
\u201cConfidence is the engine of the property market, and it\u2019s at an incredibly low ebb right now.\u201d<\/p>\n
Here are average house prices across the UK and the annual change, according to Halifax:<\/p>\n
East Midlands, \u00a3331,073, minus 1.3%<\/p>\n
Eastern England, \u00a3247,818, 1.2%<\/p>\n
London, \u00a3534,375, minus 1.5%<\/p>\n
North East, \u00a3181,703, 3.1%<\/p>\n
North West, \u00a3248,304, 3.0%<\/p>\n
Northern Ireland, \u00a3227,177, 7.8%<\/p>\n
Scotland, \u00a3222,650, 3.8%<\/p>\n
South East, \u00a3382,704, minus 2.1%<\/p>\n
South West, \u00a3300,004, minus 1.4%<\/p>\n
Wales, \u00a3230,355, 0.1%<\/p>\n
West Midlands, \u00a3265,497, 1.9%<\/p>\n
Yorkshire and the Humber, \u00a3216,228, 0.7%<\/p>\n","protected":false},"excerpt":{"rendered":"The average UK house price edged down by 0.1% month-on-month in May, reflecting continued global uncertainties, according to…\n","protected":false},"author":2,"featured_media":1006698,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3,4],"tags":[748,393,4884,11847,58366,8671,1144,40451,712,16,15,1764],"class_list":["post-1006697","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uk","category-united-kingdom","tag-britain","tag-england","tag-great-britain","tag-halifax","tag-house-price","tag-mortgage-rates","tag-northern-ireland","tag-property-price","tag-scotland","tag-uk","tag-united-kingdom","tag-wales"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/116696706386527598","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1006697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=1006697"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1006697\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/1006698"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=1006697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=1006697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=1006697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}