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Nationwide reports that annual house price growth has picked up to 2.2% in June, while month-on-month prices are flat. Mortgage rates remain elevated but could ease if energy prices stay soft. Buyers are cautious; sellers are pricing carefully amid a slower summer and uncertain outlook.
A mix of mortgage rates remaining elevated and inventory growth is shaping US and UK housing markets. Cash sales have cooled, financed buyers are gaining ground, and prices show modest changes in several markets. Analysts warn of continued affordability challenges and potential further rate-related pressure.
Lloyds Bank has reported that UK house prices have fallen 0.4% year on year in August, marking the first annual decline since November 2023. The typical UK price is 298,468 pounds, with monthly changes showing a 0.2% decrease in August after July. Experts say prices remain higher than pre-pandemic levels, but affordability pressures persist across regions. Analysts forecast ongoing subdued activity in the coming months as borrowing costs and geopolitical tensions weigh on sentiment.