In the constantly evolving housing market, house prices have experienced a slight decrease, albeit at a slower pace. The presence of first-time buyers has bolstered the market, leading them to seek smaller homes.
According to the Halifax house price index, the average price of a property has decreased by 2.4% in the year leading up to July. This decline follows a 2.6% drop in June and a 1.1% drop in May. Currently, the average home is valued at £285,044, with a 0.3% decrease occurring in July as part of the fourth consecutive monthly decline.
Kim Kinnaird, the director of Halifax Mortgages, noted, “These figures indicate that the housing market continues to exhibit resilience despite challenging economic conditions. First-time buyers have contributed to this trend, as they are actively seeking smaller homes to offset the impact of higher borrowing costs.”
Meanwhile, the buy-to-let sector is experiencing some strain, with factors such as elevated interest rates and future rental market reforms affecting landlords’ business models.
A separate index by Nationwide revealed that house prices had their most significant decline since 2009 in July. Homeowners saw a 3.8% decrease in the value of their properties, with the average property now worth £260,828. This indicates a 4.5% decline since the peak in August of the previous year.
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