Financial News: UK House Prices To Continue Moderate Upward Trend:

UK House Prices To Continue Moderate Upward Trend: Halifax

08/07/2024 - 06:02:00 (RTTNews)

(RTTNews) - UK house prices are expected to continue a moderate upward trend for the remainder of this year, the mortgage lender Halifax said Wednesday.

House prices grew 0.8 percent on a monthly basis in July after staying flat over the previous three months.

Year-on-year, house price growth accelerated to 2.3 percent in July compared to 1.9 percent rise in June. A similar faster growth was last seen in January.

Last week, the <a href=https://www.rttnews.com/3465360/bank-of-england-cuts-rate-for-first-time-since-2020.aspx?refresh=1 target=_blank >Bank of England</a> lowered its benchmark rate for the first time since 2008. The rate was reduced by a quarter-point to 5.00 percent.

The recent reductions in mortgage rates after the BoE rate cut is encouraging for those looking to remortgage, purchase a first home or move along the housing ladder, Halifax Head of Mortgages Amanda Bryden said.

However, affordability constraints and the lack of available properties continue to pose challenges for prospective homeowners, Bryden added.

"Against the backdrop of lower mortgage rates and potential further Base Rate reductions, we anticipate house prices to continue a modest upward trend throughout the remainder of this year," said Bryden.

Capital Economics' economist Ashley Webb said the risks are tilted towards house price growth accelerating quicker than currently expect over the remaining months of this year.

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