The Lloyds House Price Index — formerly known as the Halifax index — showed UK house prices unchanged month-on-month in July, at an average of £299,253, following a 0.2% rise in June. On an annual basis, growth slowed sharply to 0.1%, down from 0.7% in June and the weakest pace since November 2023. Quarterly, prices fell 0.3%.
Amanda Bryden, head of mortgages at Lloyds, said affordability remains a challenge for many would-be buyers, and that mortgage rates have edged higher again following recent events in the Middle East, after having eased earlier in the summer. She noted that industry data showed a modest increase in mortgage approvals and completed transactions in June, after a sharper decline in May, underlining the market’s sensitivity to borrowing-cost changes.
Looking ahead, Bryden said Lloyds expects housing market activity and prices to remain “relatively stable” through the rest of the year, with mortgage rates, inflation and consumer confidence likely to remain the key drivers.
Regional divergence continued: Northern Ireland recorded the strongest annual growth at 7.4% (average £231,131), followed by Scotland at 3.6% (£223,246) and Wales at 1.6% (£231,458). Within England, the North East led at 2.8% (£182,488) and the North West rose 2.1% (£247,836), while southern England remained the weakest area — the South East fell 2.0% year-on-year (£381,146) and Greater London declined 1.3% (£533,930).
References
MarketScreener/Alliance News — UK house price growth slows to 0.1% on-year in July – Lloyds index
