UK house prices rise in July following Bank of England rate change according to UK’s biggest lender

HOUSE PRICES rose by 0.8% in July following the Bank of England rate change, one of the UK’s biggest lenders has found.

The average house price in the UK is £291,268, up over £2,200 compared to the previous month, according to Halifax.

Annual growth also rose to 2.3%, the highest rate since the start of this year

Amanda Bryden, Head of Mortgages, Halifax, said: Last week’s Bank of England’s Base Rate cut, which follows recent reductions in mortgage rates, is encouraging for those looking to remortgage, purchase a first home or move along the housing ladder.

“However, affordability constraints and the lack of available properties continue to pose challenges for prospective homeowners.”