House prices rise by 0.2% in June

House prices in the UK rose by 0.2% between May and June, according to the Nationwide House Price Index. The market remained fairly subdued, with transactions down by around 15% compared to 2019 levels. The average price of a home in the UK is now £266,064, with London homes averaging over double that at £525,248. Despite stronger earnings growth, higher mortgage rates have impacted house price growth. The annual rate of growth rose from 1.3% in May to 1.5% in June, leaving prices around 3% below the all-time high recorded in 2022. Due to rising borrowing prices, mortgage transactions have continued to decrease, falling by more than 25% from their peak five years ago. In contrast, because of the fact that higher rates have a damping effect on pricing, the number of cash buyers is actually up 5% from pre-pandemic levels. 

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