UK house prices flat in July, says Lloyds, as buyers struggle with affordability
Summary
UK house prices were mostly unchanged in July, with an average price of about £299,253. Higher mortgage rates and concerns about events in the Middle East made it harder for buyers to afford homes, leading to very slow price growth compared to last year.Key Facts
- The average UK house price in July was £299,253, nearly the same as June.
- Prices rose only 0.1% over the past year, the slowest growth since November 2023.
- Mortgage rates have increased, with typical two-year fixed rates around 5.63%.
- Higher mortgage rates and uncertain events in the Middle East are affecting buyers' ability to afford homes.
- Northern Ireland saw the highest price growth, with prices up 7.4% to £231,131.
- In England, northern regions had modest price increases, while southeast England and London saw price drops.
- Experts say the property market is stable but sluggish, caught between high mortgage rates and limited affordability.
- The difference between northern and southern England housing markets is growing, with more demand and investment in the north.
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