Mapped: Newest home costs in your space after new information reveals common value

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Your help makes all of the distinction. Learn extra Home costs throughout the nation have flattened out month-on-month in June following a small dip in Might, an index has proven.

Halifax recorded a zero per cent month-on-month change in common UK property values in June, following a 0.3 per cent fall in Might.

The financial institution stated the housing market’s resilience “continues to face out” following stamp obligation adjustments that got here into pressure from April when reductions on the cost turned much less beneficiant for some residence consumers.

Amanda Bryden, head of mortgages at Halifax, stated the UK housing market “remained regular in June”, with common home costs largely unchanged after a slight 0.3 per cent fall in Might.

At £296,665, the common property worth continues to be about 2.5 per cent larger than it was a 12 months in the past, she stated.

“The market’s resilience continues to face out,” Ms Bryden stated, noting that mortgage approvals and property transactions had picked up once more after a brief dip within the wake of spring stamp obligation adjustments.

She stated this was being pushed by a number of key elements, together with rising wages easing affordability pressures and larger confidence amongst consumers as rates of interest stabilise.

“Lenders have additionally responded to new regulatory steering by taking a extra versatile strategy to affordability assessments,” she added.

The map under reveals the common home worth throughout the UK in June:

Ms Bryden added: “With markets pricing in two extra fee cuts from the Financial institution of England by 12 months finish, and the common fee on newly drawn mortgages now at its lowest since 2023, we proceed to count on modest home worth development within the second half of the 12 months.”

Sarah Coles, head of non-public finance at Hargreaves Lansdown, stated hovering home costs are “pushing affordability to the restrict”.

Whereas mortgage charges have come down, she famous they “stay a lot larger than we've got been used to in the previous couple of years” and usually are not falling notably rapidly.

That is one purpose why property gross sales are holding up higher in elements of the nation the place home costs are sometimes decrease, she stated.

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Halifax recorded a zero per cent month-on-month change in common UK property values in June (PA Archive) “Lenders have reacted to larger home costs by providing extra flexibility over how a lot folks can borrow,” Ms Coles added.

She stated that for first-time consumers: “It’s price contemplating whether or not you will get any assist constructing your deposit, whether or not that’s by way of household and pals or the 25% increase from the Authorities by way of the Lifetime Isa.”

One other latest report from Nationwide Constructing Society indicated that the common home worth dipped by 0.8% month-on-month in June.

Tom Invoice, head of UK residential analysis at Knight Frank stated: “Home costs could have held regular, however excessive provide and weak demand recommend this isn't the beginning of a rebound.”

He added: “Provide is larger following the stamp obligation cliff-edge in March and as extra landlords promote, however client confidence stays weak after financial exercise was pulled ahead into the primary quarter of the 12 months.

“We count on modest single-digit home worth development in 2025 as charges come down within the second half of the 12 months however asking costs have to replicate the actual fact it is rather a lot a purchaser’s market.”