House prices are showing an increase in the past year, according to Halifax, but not throughout all regions of the UK
The typical property now costs £288,688, a slight fall on the £288,862 recorded in April this year., Halifax’s house price index showed, with the average UK house price falling by 0.1 per cent, or around £170 in cash terms, in May, compared to April.
Some experts suggested people may be waiting to see what happens in the election before deciding to buy or sell. In 2023 there was an expectation they could fall by now, which would probably have led to lower mortgage rates and boosted housing affordability, but this has not materialised.Verona Frankish, chief executive of online estate agent Yopa, said that when a Bank of England base rate cut “does materialise, we expect the current rate of house price growth to accelerate”.
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