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Halifax’s UK house price report shows that annual price falls are predominately found in the south of England, maintaining the ‘North-South’ divide across English regions.
The North West of England continues to see the strongest growth in England, with average prices up by 3.3% on an annual basis to £231,599.
Mortgage rates have edged up again in recent weeks, primarily as a result of expectations around future Bank of England base rate changes, with markets now pricing in a slower pace of cuts.
If, as is still expected, downward moves in Bank Rate come into play later this year, fixed mortgage rates should fall. Combined with the resilience displayed by the housing market over recent months, we now expect property prices to rise modestly over the course of 2024.”
