House prices in the United Kingdom posted a slight rebound in July, but pointed to a cooling market as annual growth fell to the lowest level in four months.
- Average house prices stood at £261,221, up from £260,099 in June and £242,684 in July 2020.
- The latest reading indicates a 0.4% increase month-on-month, after the 0.6% decline recorded in June.
- Annual price growth fell to 7.6% in July, the lowest since March’s 6.5%.
- Halifax Managing Director Russell Galley said the slowdown was expected after the uptrend seen last summer after the recovery from the first lockdown.
- Galley believes the figures show that supplies are falling, which should help support prices in the near term.
- Higher volumes of buyer activity were recorded in the previous months, with June historically being the busiest month for completions since 2008.
- The market is expected to remain “solid” over the next few months, with the annual price growth decelerating but remaining in positive territory until the end of 2021.