UK house prices rise by 0.8% in July

The average UK house price increased by over £2,200 in July compared to June, following three months of little change, according to Halifax's index. Property experts are optimistic about the housing market, citing the recent interest rate cut by the Bank of England as a potential boost. Amanda Bryden, head of mortgages at Halifax, stated that the average house price in the UK is now £291,268, with an annual growth rate of 2.3%. In London, the average house price was £536,062. Affordability constraints and a lack of available properties continue to pose challenges for prospective homeowners. However, with lower mortgage rates and potential further rate reductions, house prices are expected to continue a modest upward trend. 

BBC News (07/08/2024)   Evening Standard (07/08/2024)   The Daily Telegraph (07/08/2024)   The Guardian (07/08/2024)