Average UK house price dips but Scotland rises
Higher mortgage rates and weak confidence are cooling demand, even as annual prices still rose 0.5%, Halifax said.
- UK house prices fell 0.1% in May to an average of £298,806, marking the third consecutive monthly decline recorded by Halifax.
- Amanda Bryden, head of mortgages at Halifax, said property price trends reflect uncertainty linked to developments in the Middle East, while higher inflation expectations have kept borrowing costs elevated.
- Regional performance varied significantly; Northern Ireland recorded a 7.8% annual increase while the South East saw a 2.1% decline. Mark Harris, chief executive of mortgage broker SPF Private Clients, noted that price steadiness encourages buyers to negotiate hard.
- Sarah Coles, head of personal finance at AJ Bell, observed that while "committed movers are still transacting," confidence remains at "an incredibly low ebb," driving more selective buyer behavior.
- Borrowing costs and consumer confidence will likely continue shaping activity in the coming months, with house prices expected to remain broadly stable while interest rates stay elevated.
13 Articles
13 Articles
Average UK house price dipped by 0.1% in May amid global uncertainty – Halifax
Property prices continue to reflect the uncertainty linked to developments in the Middle East, the bank said. The average UK house price edged down by 0.1% month-on-month in May, reflecting continued global uncertainties, according to an index. Across the UK, the average property price in May was £298,806, marking a 0.5% annual increase, Halifax said. Amanda Bryden, head of mortgages, Halifax, said: “Property price trends continue to reflect the…
UK average house price falls in May: Halifax HPI
House prices edged down -0.1% in May, following a similar -0.1% fall in April according to the latest Halifax House Price Index. The average property price is now £298,806, compared with £299,251 in April and annual growth is up slightly to +0.5%, from +0.4% in… The post UK average house price falls in May: Halifax HPI appeared first on Mortgage Finance Gazette.
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