House prices stable in July
- House prices stable in July (0.0%), following a +0.2% rise in June
- Average property price now £299,253 compared with £299,396 in June
- Annual growth of +0.1% is the slowest rate of house price inflation since November 2023
- Northern Ireland continues to record the UK’s strongest annual growth at +7.4%
Amanda Bryden, Head of Mortgages at Lloyds, said:
“The UK housing market remained steady in July, with the average property price effectively unchanged over the month (-£143), following a slight rise of +0.2% in June. At £299,253, the average house price is now +0.1% higher than a year ago, the slowest rate of annual growth since November 2023.
“More broadly, average house prices have remained relatively stable for almost two years, moving within a narrow range over that period and sitting just +0.5% higher than they were in November 2024. That trend has persisted even as buyers and sellers have faced a more uncertain economic backdrop this year.
“Affordability remains a challenge for many would-be buyers and, following recent events in the Middle East, mortgage rates have edged higher again after easing earlier in the summer.
“Sensitivity to borrowing costs is reflected in the latest industry data, which show a modest increase in both mortgage approvals and completed transactions in June, following a bigger dip in May. While housing demand remains broadly steady, activity continues to respond quickly to changes in mortgage rates.
“Looking ahead, we expect market activity and house prices to remain relatively stable over the remainder of the year. Developments will be shaped by both how mortgage rates respond to the outlook for inflation and wider household confidence.”
Nations and regions house prices
Northern Ireland remains the UK’s strongest performer, with annual house price growth of +7.4% making the average property price £231,131.
Scotland also continues to record solid growth, with prices up +3.6% year-on-year to an average of £223,246. In Wales, annual growth stands at +1.6%, taking the typical property value to £231,458.
In England, stronger price growth remains concentrated in northern regions. The North East recorded annual growth of +2.8%, taking the average property price to £182,488, while the North West saw prices rise +2.1% to £247,836.
By contrast, the weakest regional markets remain in southern England. The South East saw prices fall -2.0% year-on-year to £381,146, while Greater London recorded a -1.3% decline to £533,930.
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