UK house prices flat in July, says Lloyds, as buyers struggle with affordability

UK House Market Hits a Roadblock as Mortgage Rates and Middle East Uncertainty Weigh Heavily on Buyers. Despite expectations of a summer surge, the UK property market has stalled, with average house prices remaining largely stagnant in July. Lloyds' latest index reveals that the average property price dropped to £299,253, a £143 decrease from June, as prospective buyers struggle to cope with the double whammy of higher mortgage rates and growing uncertainty in the Middle East. With stretched affordability and a lack of confidence among consumers, the UK housing market appears to be in a state of suspended animation, leaving many to wonder if prices will ever regain their pre-pandemic momentum.

Property prices in ‘suspended animation’ owing to higher mortgage rates and uncertainty in Middle EastBusiness live – latest updatesUK house prices were broadly stagnant in July as prospective buyers were squeezed by higher mortgage rates, uncertainty around the Middle East and stretched affordability, according to the lender Lloyds.The average property cost £299,253 in July, down by £143 compared with June, the bank’s monthly index found. Continue reading...