UK house market holds up despite July price fall – Halifax

(Sharecast News) – UK house prices fell again in July but the market showed some signs of holding up thanks to first-time buyers and despite soaring mortgage costs.
The average cost of a property fell 2.4% in the year to July, according to the Halifax house price index, after dropping by 2.6% in June.

A typical home was now worth £285,044. Prices fell 0.3pc in July in a fourth consecutive monthly decline.

“These figures add to the sense of a housing market which continues to display a degree of resilience in the face of tough economic headwinds,” said Halifax Mortgages director Kim Kinnaird.

“In particular, we’re seeing activity amongst first-time buyers hold up relatively well, with indications some are now searching for smaller homes, to offset higher borrowing costs.”

 
 

Reporting by Frank Prenesti for Sharecast.com

Related Articles

Sign up to the Wealth DFM Newsletter

Please enable JavaScript in your browser to complete this form.
Name

Trending Articles

IFA Talk logo

IFA Talk is our flagship podcast, that fits perfectly into your busy life, bringing the latest insight, analysis, news and interviews to you, wherever you are.

IFA Talk Podcast – listen to the latest episode