UK house prices rise for first time since start of Iran war
Summary
UK house prices rose by 0.2% in June, the first increase since before the Iran war began in February. Prices are still slightly below levels seen earlier in the year, with variations across different regions.Key Facts
- The average UK house price in June was £299,330, up 0.2% from May.
- Annual house price growth increased slightly to 0.6% in June from 0.5% in May.
- The rise in prices follows falls linked to economic uncertainty caused by the war between the US/Israel and Iran.
- First-time buyers saw price growth rise to 0.8% annually, with an average home costing £240,433.
- Northern Ireland recorded the highest annual price growth at 7.4%, while Scotland grew by 3.9%.
- House prices rose mostly in northern England but continued to fall in southern regions, including London and the south-east.
- Oil prices and inflation impacts connected to the war affected mortgage rates and buyer affordability.
- Experts expect the housing market to grow slowly, depending on lower inflation and improved consumer confidence.
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