LONDON (dpa-AFX) - UK house prices grew at the fastest pace in six months in July as the property market started to stabilize following the end of the stamp duty holiday, data from the mortgage lender Halifax revealed on Thursday.
House prices increased by more-than-expected 0.4 percent in July from June. Prices were expected to grow at a steady pace of 0.1 percent in July. Moreover, this was the fastest growth since January.
On a yearly basis, house price growth softened to 2.4 percent in July from 2.7 percent in June.
Halifax Head of Mortgages Amanda Bryden said house prices vary widely across the country depending on a number of factors, not least location and property type.
'Challenges remain for those looking to move up or onto the property ladder. But with mortgage rates continuing to ease and wages still rising, the picture on affordability is gradually improving,' said Bryden.
House prices are expected to follow a steady path of modest gains through the rest of the year.
Today, the Bank of England is widely expected to cut its interest rates for the fifth time in a year to support the economy even as inflation continued to stay stubbornly above the 2 percent target.
Markets anticipate a quarter-point cut, bringing the bank rate to 4.00 percent, which will be the lowest since early 2023.
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