House prices remained completely stagnant in July, with no change according to Lloyds Bank.
It says the average property price is now £299,253.
Annual growth of +0.1% is the slowest rate of house price inflation since November 2023.
“Average house prices have remained relatively stable for almost two years, moving within a narrow range over that period and sitting just +0.5% higher than they were in November 2024” explains Amanda Bryden, Head of Mortgages at Lloyds.
That trend has persisted even as buyers and sellers have faced a more uncertain economic backdrop this year, she says.
“Affordability remains a challenge for many would-be buyers and, following recent events in the Middle East, mortgage rates have edged higher again after easing earlier in the summer.
“Sensitivity to borrowing costs is reflected in the latest industry data, which show a modest increase in both mortgage approvals and completed transactions in June, following a bigger dip in May.
“While housing demand remains broadly steady, activity continues to respond quickly to changes in mortgage rates.
“Looking ahead, we expect market activity and house prices to remain relatively stable over the remainder of the year.
“Developments will be shaped by both how mortgage rates respond to the outlook for inflation and wider household confidence.”
This article is taken from Landlord Today