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Reading: According to Halifax, house prices are rising as a rate decrease provides ‘encouragement’ for the coming months.
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Baner Club > Blog > Business > According to Halifax, house prices are rising as a rate decrease provides ‘encouragement’ for the coming months.
Business

According to Halifax, house prices are rising as a rate decrease provides ‘encouragement’ for the coming months.

According to one of the UK's largest mortgage lenders, house prices increased by 0.8% in July after three months of stagnant market activity.

Last updated: 2024/08/07 at 8:47 AM
Published August 7, 2024
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Halifax said that the average home price increased by more than £2,200 to £291,268 last month compared to June.
The month-on-month gain was higher than anticipated. According to a Reuters poll, economists expected an increase of approximately 0.3%.

Annual charges increased by 2.3%, the lender reported on Wednesday.

It comes as the market is expected to recover after the Bank of England dropped interest rates for the first time in almost four years on August 2.

The quarter-point fall to 5% occurred beyond the time covered by Halifax’s numbers.

However, Amanda Bryden, the banking brand’s head of mortgages, said: “Last week’s cut, which follows recent mortgage rate reductions, is positive for people wishing to remortgage, buy their first property, or move up the housing ladder.

However, she expressed concern that “affordability constraints and the lack of available properties continue to pose challenges for prospective homeowners” .

Ms Bryden continued, “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.”

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admin August 7, 2024 August 7, 2024
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