UK house prices were unchanged in June at £296,665 after a slight decline in May, with a year-to-date drop of £2,150. Annual inflation in house prices is 2.5%, the slowest since July 2023. The housing market struggles post-stamp duty relief changes, which had prompted a rush before March's deadline, followed by a slowdown in activity. Northern Ireland reports the strongest price growth at 9.6%, while London and the southwest lag behind. Economists express concern regarding the recovery pace amidst economic challenges, with revised forecasts for future price growth.
The average property price in Britain remained unchanged last month at £296,665, following a 0.3% decline in May, leaving prices £2,150 lower than at the start of the year.
The sluggishness comes despite falling mortgage rates earlier this year and improving wage growth, which had helped to revive activity in the early months of 2024.
The stagnation in the Halifax house price index in June suggests that the housing market remains slow to recover from both the rise in stamp duty and the weak economy.
There are, however, pockets of resilience, with Northern Ireland showing annual price growth of 9.6% and the northwest of England at 4.4%.
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