The UK housing market has experienced a setback as average house prices saw a decline, with nearly £1,000 wiped off between June and July
MONTHLY SLIDE: The typical UK home cost £285,044 in July, down from £286,011 in June
Notably, the average UK property value in June was £1,000 higher than in July. Kim Kinnaird, director of Halifax Mortgages, said that while the recent months have seen a series of monthly decreases, all have been relatively small, staying within the range of -0.5 per cent.“In reality, prices are little changed over the last six months, with the typical property now costing £285,044, compared to £285,660 in February.
The continuing affordability challenge is expected to limit market activity, leading to further declines in house prices into the next year. The decline is projected to be gradual rather than sudden, and it is unlikely to completely reverse the house price growth seen in recent years.
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