Latest news with #AmandaBryden
Metro
3 days ago
- Business
- Metro
This is how much the average UK house price fell by in May
UK house prices have fallen by around £1,150 in May, despite property values increasing by more than £7,000 in 2024. Halifax found that May's month-on-month price fall followed a 0.3% increase in April, following a slower growth in house prices in the past two months. Halifax's latest report contrasts with the findings from Nationwide Building Society's latest house price index, released on Monday this week. Nationwide said that property values had increased by 0.5% month-on-month in May, following a 0.6% fall in April. Amanda Bryden, head of mortgages at Halifax, said: 'Over the past 12 months, prices have grown by 2.5%, adding just over £7,000 to the value of a typical home, which now stands at £296,648. 'These small monthly movements point to a housing market that has remained largely stable, with average prices down by just 0.2% since the start of the year.' Ms Bryden added that the affordability of homes remains a challenge, as house prices are still high compared to incomes. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 'Despite ongoing pressure on household finances and a still uncertain economic backdrop, the housing market has shown resilience – a story we expect to continue in the months ahead,' she said. Iain McKenzie, chief executive of the Guild of Property Professionals, said: 'The key fundamentals supporting home buyers remain strong – low unemployment, rising real earnings, and the continued anticipation of easing borrowing costs in the medium-term.' The head of sales at estate agent Chestersons, Matt Thompson, pointed out that some home buyers paused their search in April, but quickly resumed in May. More Trending 'Buyer motivation was then boosted further by the Bank of England's decision to cut interest rates to 4.25%. We expect a busier-than-usual summer market,' he said. Halifax pointed out that house price growth across Northern Ireland, Wales and Scotland has been outpacing regions in England. In London, house prices have increased by just 1.2% year-on-year, the report said. View More » But Halifax said that London remains the most expensive part of the UK housing market, with the average home priced at £542,017. East Midlands, £244,754, 2.8% Eastern England, £334,720, 1.6% London, £542,017, 1.2% North East, £175,174, 2.0% North West, £240,823, 3.7% Northern Ireland, £209,388, 8.6% Scotland, £214,864, 4.8% South East, £391,253, 1.8% South West, £304,519, 1.1% Wales, £230,405, 4.8% West Midlands, £260,118, 3.0% Yorkshire and the Humber, £213,983, 3.7% Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: New solar panels 'could cut people's bills by £530 per year' MORE: Cost of comfortable retirement revealed — here's how much you need yearly MORE: Octopus Energy gives away free energy for three hours today – here's how to claim Your free newsletter guide to the best London has on offer, from drinks deals to restaurant reviews.
The Independent
4 days ago
- Business
- The Independent
Average UK house price drops by over £1,000 in a single month
The average price of a UK home saw a decline of £1,150, or 0.4 per cent, between April and May, according to Halifax. Despite the monthly dip, property values have increased by over £7,000 in the last year, the company said. The drop in May follows a 0.3 per cent increase the previous month. The annual rate of house price growth also slowed to 2.5 per cent in May, from 3.2 per cent in April. Halifax's latest report contrasts with Nationwide Building Society's index, which stated that property values had increased by 0.5 per cent between April and May, following a 0.6 per cent fall the previous month. Amanda Bryden, head of mortgages at Halifax, said: 'Average UK house prices fell by 0.4 per cent in May – a drop of around £1,150 – following a modest rise in April. 'Over the past 12 months, prices have grown by 2.5 per cent, adding just over £7,000 to the value of a typical home, which now stands at £296,648. 'These small monthly movements point to a housing market that has remained largely stable, with average prices down by just 0.2 per cent since the start of the year. The market appears to have absorbed the temporary surge in activity over spring, which was driven by the changes to stamp duty. 'Affordability remains a challenge, with house prices still high relative to incomes. However, lower mortgage rates and steady wage growth have helped support buyer confidence.' In April, stamp duty discounts became less generous for some home buyers. According to figures published by HM Revenue and Customs (HMRC), an estimated 64,680 house sales took place in April – 64 per cent lower than the 177,440 transactions reported in March. Tom Bill, head of UK residential research at Knight Frank said: 'Demand was front-loaded this year thanks to April's stamp duty deadline, which means house prices are coming under downwards pressure as buyers still in the market have a lot to choose from. House price growth across Northern Ireland, Wales and Scotland has been outpacing regions in England, Halifax said. In London, house prices have increased by just 1.2 per cent year-on-year, the report said. But Halifax said that London remains the most expensive part of the UK housing market, with the average home priced at £542,017. Mark Harris, chief executive of mortgage broker SPF Private Clients, said: 'The cheapest fixed-rate mortgages have started rising again with the trajectory of swap rates, which underpin their pricing, suggesting further mortgage rate increases in the short-term. 'However, rates are only part of the picture. The easing of criteria and changes to mortgage stress tests by lenders such as Nationwide and NatWest, following changes to Bank of England guidance in March, means tens of thousands of pounds of extra borrowing may now be available to buyers. 'This will boost affordability, enabling more borrowers to get on the housing ladder in coming months.' Here are average house prices and the percentage annual increase, according to Halifax. The regional annual change figures are based on the most recent three months of approved mortgage transaction data:
Yahoo
4 days ago
- Business
- Yahoo
Average UK house price falls £1,150 in May
Average UK house prices dipped 0.4% in May, representing a fall of nearly £1,150, after changes to stamp duty came into effect, according to the latest data from Halifax. The average UK property is now valued at £296,648, down from £297,781 in April, when house prices rose for the first time this year. On an annual basis, prices rose to 2.5% – adding just over £7,000 to the value of a typical home – though this was down from 3.2% in April. Amanda Bryden, head of mortgages at Halifax, said: 'These small monthly movements point to a housing market that has remained largely stable, with average prices down by just -0.2% since the start of the year. The market appears to have absorbed the temporary surge in activity over spring, which was driven by the changes to stamp duty." "Affordability remains a challenge, with house prices still high relative to incomes," she added. "However, lower mortgage rates and steady wage growth have helped support buyer confidence." "The outlook will depend on the pace of cuts to interest rates, as well as the strength of future income growth and broader inflation trends," Bryden said. "Despite ongoing pressure on household finances and a still uncertain economic backdrop, the housing market has shown resilience – a story we expect to continue in the months ahead." Halifax data showed that house price growth across Northern Ireland, Wales and Scotland continued to outpace English regions. Northern Ireland once again recorded the fastest pace of annual property price inflation, up by 8.6% over the past year, with the typical home now costing £209,388, though this was still well below the UK average. Read more: Mortgage lenders raise rates amid uncertainty over BoE interest rate cuts In England, North West and Yorkshire and the Humber saw the fastest annual house price growth of 3.7%, with the average property in these areas now costing £240,823 and £213,983 respectively. London continued to see more subdued growth, with prices up just 1.2% year-on-year, though the capital remained by far the most expensive part of the UK housing market, with the average home costing £542,017. Professor Joe Nellis, economic adviser at MHA, the accountancy and advisory firm and one of the creators of the Halifax House Price Index, said that price "growth is set to continue as huge demand for houses persists in the UK. This is something that the government has recognised, setting an ambitious target to build 1.5 million new homes by 2029, but recent estimates suggest that this is looking overly optimistic." "One thing to consider over the next year is the Renters' Rights Bill introduced to parliament by Angela Rayner in her role as secretary of state for housing," he said. "Expected to pass in the autumn, this bill will provide greater protection for tenants and impose new restrictions on landlords, including ending 'no fault' evictions." "These new restrictions could disincentivise landlordism, encouraging the sale of rental properties and increasing supply, or discouraging potential landlords from buying properties and reducing demand," he added. "Both scenarios would apply downward pressure on prices and provide some respite for would-be homeowners." Holly Tomlinson, financial planner at Quilter, said: "The fact that prices fell only modestly in May indicates that supply remains constrained and sellers have not yet been forced to adjust their expectations. However, with affordability still stretched and borrowing costs relatively high, the risk of a more prolonged slowdown cannot be ignored." Read more: 11 homes with spectacular swimming pools UK mortgage approvals drop for third month in a row Home renovation mistakes and how to avoid themError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
4 days ago
- Business
- Daily Mail
Average house prices FELL in May as affordability 'still a challenge'
Average property prices across Britain fell month-on-month in May, new data shows. The typical home fell £1,150 or 0.4 per cent and now costs £296,648, compared to £297,798 the previous month. Despite the monthly price drop, property values have increased by 2.5 per cent or more than £7,000 over the past year, Halifax said - though this was down from 3.2 per cent in April. May's month-on-month price slip follows a 0.3 per cent increase in April. 'These small monthly movements point to a housing market that has remained largely stable, with average prices down by just -0.2 per cent since the start of the year', Amanda Bryden, head of mortgages at Halifax, said. She added: 'Affordability remains a challenge, with house prices still high relative to incomes. However, lower mortgage rates and steady wage growth have helped support buyer confidence.' Stamp duty discounts became less generous from April for some home buyers as a result of changes announced by Rachel Reeves last year. Stamp duty applies in England and Northern Ireland. Where have house prices risen most? House price growth across Northern Ireland, Wales and Scotland has been outpacing regions in England, Halifax said. Northern Ireland once again recorded the fastest pace of annual property price inflation, up 8.6 per cent in the past year. Homes in Northern Ireland now cost around £209,377, though this is still well below the national average. Wales and Scotland posted strong annual growth of 4.8 per cent in May. Average prices in Wales and Scotland now stand at £230,405 and £214,864 respectively. In England, the North West and Yorkshire and the Humber lead the way, both seeing annual house price growth of 3.7 per cent. Average property values in these areas are now £240,823 and £213,983 respectively. Across the South East of England, average property prices have risen by 1.8 per cent to £391,253 in the last year, having seen more modest rises than the likes of Northern Ireland and Wales. In London, house prices rose by just 1.2 per cent year-on-year, the report said. But London remained the most expensive location in Britain, with the average home priced at £542,017. Andrew Montlake, chief executive of broker Coreco, told Newspage: 'House prices may have dipped slightly but on the whole the market remains fluid. 'In the ongoing story that is the UK property market, the resilience of house prices has always been a key narrative.' He added: 'Demand for property is always there, whatever the economy throws at the housing market. 'Yes, affordability is proving a challenge for some but we're seeing lenders increasingly seek to address that. A lot is riding on where inflation heads next and all eyes are focused on the Monetary Policy Committee meeting later this month.' Jeremy Leaf, a north London estate agent, said: 'The significant number of purchases brought forward to take advantage of the stamp duty holiday ending in March is still having a negative impact on activity now. 'Most of the stock made available at that time, if not sold or under offer, is still available so the inevitable result is a softening in prices. 'However, sales are still proceeding where buyers and sellers are most realistic, with confidence supported by a relatively strong employment picture outweighing economic concerns both here and abroad.' The outlook for property prices will depend on a range of factors, including the pace of cuts to interest rates, as well as the strength of future income growth and broader inflation trends. Halifax's latest report contrasts with the findings from Nationwide's latest house price index, released on Monday. Nationwide said property values had increased by 0.5 per cent month-on-month in May, following a 0.6 per cent fall in April. Craig Fish, a director at Lodestone, told Newspage: 'Halifax is reporting price falls whilst Nationwide reports price increases. 'This conflicting data is very confusing to the general public. 'The key is to understand that there will always be fluctuations in house prices but with one general direction overall, and that's up. 'Until the housing shortage is fixed, property will always be in demand. 'So, if you are considering purchasing a property then the sooner you get on the ladder the better. Don't wait for rates to fall because nothing is guaranteed. 'Pick a product that suits your circumstances, get on the property ladder and be patient.' Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
The Guardian
4 days ago
- Business
- The Guardian
UK house prices fall by more than expected amid economic uncertainty
UK house prices suffered a steeper than expected fall last month and the biggest quarterly drop in value in almost a year, as economic uncertainty continued to affect the property market. The average property price fell by 0.4% month on month in May to £296,648, a much steeper fall than the 0.1% decline City economists had expected. Figures published by Halifax on Friday showed that the cost of a typical UK property has fallen in three of the past four months, with the drop in May following a 0.3% rise in April. The unexpectedly large fall last month pushed the quarterly change in house prices down 0.3%, the steepest fall since June last year. It also fuelled a significant slowdown in the annual rate of growth to 2.5% – falling short of forecasts of just under 3% and easing from growth of 3.2% in April – representing the slowest growth since July last year. Amanda Bryden, the head of mortgages at Halifax, said the figures showed that the housing market had now absorbed the rush of activity as buyers tried to complete purchases before stamp duty increases in England and Northern Ireland in April. 'Despite ongoing pressure on household finances and a still uncertain economic backdrop, the housing market has shown resilience,' she said. 'The outlook will depend on the pace of cuts to interest rates, as well as the strength of future income growth and broader inflation trends.' However, the number of mortgage approvals for new home purchases – which is an indicator of future borrowing and is seen by many as a better measure of the housing market's health – fell for a third consecutive month in April. According to the most recent data from the Bank of England, net residential mortgage approvals declined by 3,100 to 60,500, below economists' expectations. HM Revenue and Customs figures published last week showed an estimated 64,680 house sales took place in April, 64% lower than the 177,440 reported in March. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Jeremy Leaf, a London-based estate agent, said: 'The significant number of purchases brought forward to take advantage of the stamp duty holiday ending in March is still having a negative impact on activity now. 'Most of the stock made available at that time, if not sold or under offer, is still available so the inevitable result is a softening in prices. However, sales are still proceeding where buyers and sellers are most realistic.'
