UK July Halifax home costs +0.4% vs +0.3% m/m anticipated

• Prior 0.0%; revised to +0.1%

UK house prices nudged higher in July, with the average property price now seen at £298,237. The annual growth rate stands at 2.4%, moderating a little from 2.7% in June. Still, the July monthly jump in prices is the biggest since the start of the year. Halifax notes that:

“While the national average remains close to a record high, it’s worth remembering that prices vary
widely across the country depending on a number of factors, not least location and property type. Challenges remain for those looking to move up or onto the property ladder. But with mortgage rates
continuing to ease and wages still rising, the picture on affordability is gradually improving. Combined with the more flexible affordability assessments now in place, the result is a housing
market that continues to show resilience, with activity levels holding up well.
We expect house prices to follow a steady path of modest gains through the rest of the year.”