UK house prices stall for second straight month as agents warn of summer slump
Summary
UK house prices did not grow in June for the second month in a row, mainly because higher interest rates from the Iran conflict made buying homes harder. While prices stayed mostly flat recently, annual growth was still seen across the UK, with some regions showing stronger increases.Key Facts
- The average UK house price fell slightly to £277,484 in June from £278,024 in May.
- Rising interest rates caused by the war in Iran have reduced buyer demand.
- Mortgage rates are higher than before the Iran conflict; the average two-year fixed rate is 5.53%.
- Housebuilders’ shares dropped after the price growth stalled.
- On a yearly basis, house prices rose 2.2% in June, up from 1.7% in May.
- Northern Ireland had the strongest annual house price growth at 8.6%.
- Falling oil prices may reduce the need for the Bank of England to raise interest rates further.
- Lower inflation in the UK has helped bring fixed mortgage rates down recently.
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