UK house prices up 0.1% in July as buyers remain cautious on interest rates
Summary
UK house prices rose slightly by 0.1% in July, showing very slow growth as buyers stayed cautious about interest rate changes during ongoing global tensions. The average home price increased to about £277,542, but annual price growth slowed to 1.8%, and demand for new homes weakened due to rising costs and economic uncertainty.Key Facts
- UK house prices rose by 0.1% in July compared to June.
- Annual house price growth slowed to 1.8% in July, down from 2.2% in June.
- The average UK home price in July was £277,542, slightly higher than June but lower than May.
- The Bank of England kept interest rates at 3.75% but warned inflation could rise if the Iran conflict worsens.
- Housebuilder Taylor Wimpey reported weaker buyer demand and higher building costs, lowering its home completion forecast for 2024.
- Taylor Wimpey’s shares dropped nearly 6% following the results.
- More sellers than buyers are in the market, with prices generally flat and some price reductions after initial overpricing.
- Homeowners who own outright tend to live longer in their homes (about 24 years on average) compared to mortgage owners (9 years) and renters (4.5 years).
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