{"id":128917,"date":"2022-08-05T14:36:55","date_gmt":"2022-08-05T14:36:55","guid":{"rendered":"https:\/\/myfintale.com\/?p=128917"},"modified":"2022-08-05T14:36:55","modified_gmt":"2022-08-05T14:36:55","slug":"uk-house-price-inflation-eases-in-july-halifax","status":"publish","type":"post","link":"https:\/\/myfintale.com\/business\/uk-house-price-inflation-eases-in-july-halifax\/","title":{"rendered":"UK House Price Inflation Eases In July: Halifax"},"content":{"rendered":"

UK house price inflation eased slightly in July after accelerating sharply in the previous month, and prices fell on a monthly basis for the first time since June last year, as rising interest rates and high cost of living hurt activity.<\/p>\n

The house price index climbed 11.8 percent year-over-year in July, slower than the 12.5 percent rise in June, survey data from the Llyods Bank subsidiary Halifax showed on Friday.<\/p>\n

On a monthly basis, house prices dropped 0.1 percent in July, reversing a 1.4 percent significant increase in June. Further, this was the first monthly decline since June 2021. Economists had forecast a 1.2 percent gain.<\/p>\n

The average property price stood at GBP 293,223 in July, which was GBP 365 lower than the previous month’s record high.<\/p>\n

Among regions, Wales logged the highest annual inflation of 14.7 percent in June. This was closely followed by the South West of England by 14.3 percent.<\/p>\n

Meanwhile, London continued to record slower annual house price inflation than the other UK regions. The latest inflation was 7.9 percent, which was the highest in almost five years.<\/p>\n

“Leading indicators of the housing market have recently shown a softening of activity, while rising borrowing costs are adding to the squeeze on household budgets against a backdrop of exceptionally high house price-to-income ratios” Halifax Managing Director Russell Galley said.<\/p>\n

“The extremely short supply of homes for sale is also a significant long-term challenge but serves to
underpin high property prices,” Galley said.<\/p>\n

Looking ahead, Galley said house prices will likely come under more pressure as market tailwinds fade further and rising interest rates and rising living costs take hold. Thus, a slowdown in house price inflation seems most likely, he added. <\/p>\n

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