House prices edge up and the forecast looks positive


Northern Ireland continues to record the strongest property price growth of any nation or region in the UK, rising by 5.8% year on year. The average price of a property in Northern Ireland is now £195,681.
House prices in the North West also showed strong growth, up 4.1% since July last year and the average property price in the region is now £232,489. Yorkshire recorded a 1.8 % rise in residential property values bringing the average house price to £206,480, while the North East saw 2.6 per cent rise taking the average house price to £171,663.
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Hide AdThe only region or nation to record a fall across the UK was Eastern England. Properties here now average £330,282, down -0.4% on an annual basis. London, which saw a year on year price rise of 1.2 per cent, continues to have the most expensive property prices in the UK, now averaging £536,052.
Amanda Bryden, Head of Mortgages, Halifax, said: "“In July, UK house prices increased by 0.8% on a monthly basis, following three relatively flat months. The average house price in the UK is £291,268, up over £2,200 compared to the previous month and annual growth rose to 2.3%, the highest rate since the start of this year.
"“Last week’s Bank of England’s Base Rate cut, which follows recent reductions in mortgage rates, is encouraging for those looking to remortgage, purchase a first home or move along the housing ladder. However, affordability constraints and the lack of available properties continue to pose challenges for prospective homeowners.
“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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