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<\/a><\/p>\nHalifax said the housing market\u2019s resilience \u201ccontinues to stand out\u201d following stamp duty changes that came into force from April when discounts on the charge, which applies in England and Northern Ireland, became less generous for some home buyers.<\/p>\n
Amanda Bryden, head of mortgages at Halifax, said: \u201cThe UK housing market remained steady in June, with the average property price effectively unchanged over the month, following a slight drop of 0.3% in May.<\/p>\n
\u201cAt \u00a3296,665, the average house price is still around 2.5% higher than this time last year.<\/p>\n
\u201cThe market\u2019s resilience continues to stand out and, after a brief slowdown following the spring stamp duty changes, mortgage approvals and property transactions have both picked up, with more buyers returning to the market.<\/p>\n
\u201cThat\u2019s being helped by a few key factors: wages are still rising, which is easing some of the pressure on affordability, and interest rates have stabilised in recent months, giving people more confidence to plan ahead.<\/p>\n
\u201cLenders have also responded to new regulatory guidance by taking a more flexible approach to affordability assessments.\u201d<\/p>\n
Ms Bryden said that over the past two months: \u201cWe\u2019ve already helped an additional 3,000 buyers \u2013 including more than 1,000 first-time buyers \u2013 access a mortgage they wouldn\u2019t have qualified for before.\u201d<\/p>\n
She added: \u201cWith markets pricing in two more rate cuts from the Bank of England by year end, and the average rate on newly drawn mortgages now at its lowest since 2023, we continue to expect modest house price growth in the second half of the year.\u201d<\/p>\n
Tom Bill, head of UK residential research at Knight Frank said: \u201cHouse prices may have held steady, but high supply and weak demand suggest this is not the start of a rebound.\u201d<\/p>\n
He added: \u201cSupply is higher following the stamp duty cliff-edge in March and as more landlords sell, but consumer confidence remains weak after economic activity was pulled forward into the first quarter of the year.<\/p>\n
\u201cWe expect modest single-digit house price growth in 2025 as rates come down in the second half of the year but asking prices need to reflect the fact it is very much a buyer\u2019s market.\u201d<\/p>\n
Another recent report from Nationwide Building Society indicated that the average house price dipped by 0.8% month-on-month in June.<\/p>\n
Karen Noye, a mortgage expert at wealth manager Quilter said: \u201cToday\u2019s house price index looks a little more positive than other indices already published which reported a fall in prices.\u201d<\/p>\n
She added: \u201cWith the summer holidays fast approaching, we could see a slowdown as trips abroad take precedence over moving home.<\/p>\n
\u201cThe market is used to a dip in momentum during this time of the year but having already had a fairly slow start to 2025, we could see this lull push house prices down a little more.<\/p>\n
\u201cHowever, while we may not see activity pick up until nearer the autumn \u2013 by that time the stamp duty changes will have sunk in \u2013 buyers will have no choice but to adjust to the new norm if they wish to move home, and we could see the market pick up some pace as a result.\u201d<\/p>\n
Sarah Coles, head of personal finance, Hargreaves Lansdown said: \u201cA major problem is that homes have become so expensive that it\u2019s pushing affordability to the limit.<\/p>\n
\u201cWhile mortgage rates have fallen, they\u2019re not dropping particularly fast and remain much higher than we have been used to in the previous few years.<\/p>\n
\u201cIt\u2019s one reason why property sales are stronger in parts of the country where prices tend to be lower.<\/p>\n
\u201cLenders have reacted to higher house prices by offering more flexibility over how much people can borrow.\u201d<\/p>\n
Ms Coles said that for first-time buyers: \u201cIt\u2019s worth considering whether you can get any help building your deposit, whether that\u2019s through family and friends or the 25% boost from the Government through the Lifetime Isa.\u201d<\/p>\n
Iain McKenzie, chief executive of the Guild of Property Professionals, said: \u201cWe\u2019re seeing a noticeable uplift in buyer and seller confidence, supported by falling mortgage rates and greater choice in the market.<\/p>\n
\u201cWith dozens of mortgage deals now available below 4%, affordability is improving.\u201d<\/p>\n
Jason Tebb, president of OnTheMarket, said: \u201cRecent (Bank of England) base rate cuts have been fundamental in boosting confidence and activity.<\/p>\n
\u201cFurther rate reductions from the Bank of England will provide much-needed stimulus for the market and boost buyer and seller confidence as the year progresses.\u201d<\/p>\n
Here are average house prices and the annual increase, according to Halifax (regional annual change figures are based on the most recent three months of approved mortgage transaction data):<\/b><\/p>\n
East Midlands, \u00a3244,644, 2.5%<\/p>\n
Eastern England, \u00a3334,795, 1.8%<\/p>\n
London, \u00a3540,048, 0.6%<\/p>\n
North East, \u00a3175,679, 2.0%<\/p>\n
North West, \u00a3241,938, 4.4%<\/p>\n
Northern Ireland, \u00a3212,189, 9.6%<\/p>\n
Scotland, \u00a3214,891, 4.9%<\/p>\n
South East, \u00a3389,069, 1.1%<\/p>\n
South West, \u00a3303,271, 0.5%<\/p>\n
Wales, \u00a3229,622, 3.9%<\/p>\n
West Midlands, \u00a3260,394, 2.9%<\/p>\n
Yorkshire and the Humber, \u00a3215,525, 4.2%<\/p>\n","protected":false},"excerpt":{"rendered":"House prices in Northern Ireland are growing faster than any other UK region, according to Halifax. For while…\n","protected":false},"author":2,"featured_media":245109,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5011],"tags":[2737,95220,40319,1700,11847,1269,257,1232,3713,40320,25382,1144,2516,712,29367,28908,16,15,1764,7858,40321],"class_list":{"0":"post-245108","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-northern-ireland","8":"tag-city","9":"tag-east-anglia","10":"tag-east-midlands","11":"tag-economy","12":"tag-halifax","13":"tag-house-prices","14":"tag-london","15":"tag-money","16":"tag-mortgage","17":"tag-north-east","18":"tag-north-west","19":"tag-northern-ireland","20":"tag-property","21":"tag-scotland","22":"tag-south-east","23":"tag-south-west","24":"tag-uk","25":"tag-united-kingdom","26":"tag-wales","27":"tag-west-midlands","28":"tag-yorks-humber"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114811676035352114","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/245108","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=245108"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/245108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/245109"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=245108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=245108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=245108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}