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Aug 2023

Housing market still resilient despite pressure

Housing market still resilient despite pressure

Latest monthly update from Halifax shows that average UK house prices edged down slightly in July, with the monthly fall of -0.3% equivalent to a drop of around £1,000 in cash terms. While this was the fourth consecutive monthly decrease, all have been smaller than -0.5%. Prospects for the UK housing market remain closely linked to the performance of the wider economy. Several factors are providing support, notably strong wage growth, running at around +7% annually.
The pace of annual decline also slowed to -2.4% in July, versus -2.6% in June pointing to the sense of a housing market which continues to display a degree of resilience in the face of tough economic headwinds says Halifax. While there have been recent signs of borrowing costs stabilising or even falling, they will likely remain much higher than homeowners have become used to over the last decade.

Meanwhile, Land Registry reports that property prices rose by 1.7% annually in June up 0.7% on May which means the average UK house price is £5,000 higher than 12 months ago but £5,000 below the recent peak in November 2022.

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