That’s according to Halifax, which noted flat house price growth in June at 0.0% compared to the dip of -0.3% in May.
The average property price is now £296,665, while the annual rate of growth edged down to +2.5%.
Amanda Bryden, head of mortgages at 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.
“Lenders have also responded to new regulatory guidance by taking a more flexible approach to affordability assessments. Over the last two months, we’ve already helped an additional 3,000 buyers – including more than 1,000 first-time buyers – access a mortgage they wouldn’t have qualified for before.”
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But Sarah Coles, head of personal finance at Hargreaves Lansdown, noted: “House prices have grown at roughly half the pace of the most competitive easy access savings accounts over the past year. It’s a useful reminder that investing in property – or overstretching yourself for a home you can ill-afford – isn’t always as safe as houses.”
