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House prices forecast to rise through year after jump of 0.8% in July
The Guardian
|August 08, 2024
UK house prices increased by 0.8% in July, and lower mortgage rates are expected to lead to continued growth throughout the rest of the year, according to the mortgage lender Halifax.
The average house price in July was £291,268, a 0.8% increase on the £289,042 recorded in June. It marks a significant rise after three subdued months during which there were increases of between 0.1% and 0.2%.
The annual growth rate rose to 2.3%, the highest since January this year.
Amanda Bryden, the head of mortgages at Halifax, said that last week's Bank of England base-rate cut and the reduction in mortgage rates from leading providers was encouraging for people hoping to buy new homes or move up the housing ladder.
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