Key facts
- UK house prices saw no growth for the second consecutive month in June.
- The average UK home price fell slightly to £277,484.
- Rising interest rates are dampening buyer demand.
- Geopolitical events and oil prices are influencing interest rates.
- Real estate agents predict a slower summer market.
UK house prices have stalled for the second consecutive month, failing to show any growth in June. The average price of a home in the UK has seen a slight decline, now standing at £277,484. This lack of price appreciation is largely driven by concerns over rising interest rates. These rate increases are influenced by a combination of geopolitical events and fluctuating oil prices, which collectively are dampening demand from potential buyers. Consequently, real estate agents are forecasting a slower market throughout the summer months. The current economic climate suggests that the property market will continue to face headwinds as borrowing costs remain elevated.