House prices flatlined in June but over the past year have grown faster in all areas outside he south east and south west, according to new data from Halifax.
Northern Ireland has seen the strongest annual price growth in the UK, with prices up by 9.6% over the past year. The typical home now costs £212,189.
Scotland recorded the next strongest annual house price growth in June, increasing by 4.9% with average prices now at £214,891.
Property prices in Wales were up 3.9%, to an average of £229,622. Among English regions the North West has the highest rate of property price inflation, up 4.4% over the last year to £241,938.
The South West and London continue to see more subdued growth, with prices rising by just 0.5% and 0.6% respectively. However, the capital remains by far the most expensive part of the UK, with the average home now priced at £540,048.
Across the UK the average property price is now £296,665, compared to £296,782 last month.
First-time buyer numbers have returned to levels before stamp duty was changed south of the border.
Amanda Bryden, head of mortgages, Halifax, said: “The market’s resilience continues to stand out and, after a brief slowdown following the spring stamp duty changes, mortgage approvals and property transactions have both picked up, with more buyers returning to the market.
“That’s being helped by a few key factors: wages are still rising, which is easing some of the pressure on affordability, and interest rates have stabilised in recent months, giving people more confidence to plan ahead.
“With markets pricing in two more rate cuts from the Bank of England by year end, and the average rate on newly drawn mortgages now at its lowest since 2023, we continue to expect modest house price growth in the second half of the year.”
Simpson & Marwick re-boots legal services
Scottish estate agency Simpson & Marwick has returned to the Edinburgh Solicitors Property Centre from today after reviving its legal services operations from 1 June.
Group managing director Rob Aberdein, who returned to lead the firm earlier this year, said:
“This marks a hugely important moment for Simpson & Marwick.
“Legal services have always been part of the brand’s DNA, and our return enables us to provide clients with a fully integrated offering once again.”
source