A bus runs past a row of houses in Notting Hill in London, Britain, July 30, 2023. (Xinhua/Li Ying)
House prices are expected to continue to fall into next year with "a gradual rather than a precipitous decline," said Kim Kinnaird, director of Halifax Mortgages.
LONDON, Aug. 7 (Xinhua) -- Average house prices in the United Kingdom (UK) fell by 0.3 percent month-on-month in July, a fourth consecutive monthly decline, UK mortgage lender Halifax said on Monday.
On an annual basis, UK property prices went down by 2.4 percent in July, easing from the 2.6 percent drop in June, which was the biggest annual drop since 2011, according to the latest Halifax House Price Index report.
The lender said despite falling prices, the UK housing market displayed "a degree of resilience in the face of tough economic headwinds."
A terraced house is pictured in Notting Hill in London, Britain, July 30, 2023. (Xinhua/Li Ying)
"In reality, prices are little changed over the last six months, with the typical property now costing 285,044 British pounds (about 362,885 U.S. dollars), compared to 285,660 pounds in February," said Kim Kinnaird, director of Halifax Mortgages.
Kinnaird said house prices are expected to continue to fall into next year with "a gradual rather than a precipitous decline."
Activity amongst first-time buyers holds up relatively well, said Kinnaird, noting that some first-time buyers are searching for smaller homes to offset higher borrowing costs.
Last week, the Bank of England raised the benchmark interest rate again to 5.25 percent as the Bank continued to battle against stubbornly high inflation.
People walk past an estate agent in Manchester, Britain, June 22, 2023.(Photo by Jon Super/Xinhua)
Halifax expected the interest rate to remain much higher than homeowners have become used to over the last decade.
Halifax also pointed out that the average property prices are still some 45,000 pounds or 19 percent more than the pre-COVID levels. (1 pound = 1.27 U.S. dollars) ■
