Key facts
- UK house prices rose 0.2% in June.
- The average UK house price reached £299,330 in June.
- This is the first monthly increase in UK house prices since February.
- Easing mortgage rates are cited as a reason for the price increase.
- Affordability remains a concern in the UK housing market.
- First-time buyers saw 0.8% annual price growth.
UK house prices saw a 0.2% increase in June, reaching an average of £299,330. This marks the first monthly rise in house prices since February. The uptick is attributed to a reduction in mortgage rates from their recent highs. However, the issue of affordability remains a significant concern for potential buyers. First-time buyers, in particular, showed resilient demand, with annual price growth for this segment of the market recorded at 0.8%. The data suggests a stabilization in the housing market, influenced by shifting interest rate environments, though broader economic pressures continue to impact affordability.