House prices rise again in July; annual growth cools

The average UK property price is now £261,221, up 0.4% in July compared to June’s figure, according to the latest Halifax House Price Index.

However, annual growth cooled slightly to +7.6%, its lowest level since March.

“It was largely anticipated that UK house price growth will slow down as 30 June marked the tapering of stamp duty relief. The housing market may lose some steam but other factors are sure to keep it steady,” Sundeep Patel, director of sales at specialist lender Together, said.

“However, we believe the housing market will remain stable for a number of reasons, including buyers continuing to seek out suburban or rural family homes over smaller inner-city flats. Being cramped up during lockdown has made many people realise the need for outside space and we’ve seen a growing trend of city dwellers leaving to the suburbs in search of gardens. Buyers will continue to look for larger rooms or more office space as everyone adjusts to the fact that working from home is something that is here to stay.

“Specialist lenders will be intently watching how the market evolves post pandemic. We believe there will be a greater number of customers whose circumstances have changed during successive lockdowns and, as a result, they may struggle to access the finance needed through mainstream channels. Lenders like Together will be required to fill the gap by supporting those rejected by mainstream banks, and providing the financial support they’ll be looking for to achieve their ambitions.”

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