UK house prices stagnate as tax rise takes toll
Values rose 2.5% from a year earlier, the slowest annual growth since July last year
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[LONDON] UK house prices failed to grow for a second straight month, as the housing market struggles to gain traction after a tax break expired and a sharp increase in sellers coming to market, according to one of the country’s biggest lenders.
Halifax said that average prices were unchanged in June at £296,665 (S$515,457) after declining 0.3 per cent the previous month.
Prices have grown in only two months so far this year. Values rose 2.5 per cent from a year earlier, the slowest annual growth since July last year.
While mortgage rates have crept lower, they remain elevated and consumer sentiment is subdued amid global and domestic political worries. Buyers also face an abundance of properties with the number of sellers on the market at the highest in a decade, according to Rightmove.
Halifax’s data chime with figures from Nationwide Building Society last week that showed the biggest fall in prices since early 2023. BLOOMBERG
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