Average house prices in the UK posted the biggest drop in 12 years in June, according to the British mortgage agency Halifax Home Price Index.
Average house prices in the UK fell 2.6 percent in June, the biggest annual decline since June 2011.
According to the British mortgage lender Halifax Housing Price Index, the decline in housing prices was 1.1 percent in May, while it was 2.6 percent in June.
Thus, the fastest annual decline in average house prices in the last 12 years in the UK was recorded in June.
On a monthly basis, average housing prices decreased by 0.1 percent in June, for three months in a row.
While the average house price in the country was 285 thousand 932 pounds, this figure was 293 thousand 992 pounds in August 2022, when prices peaked.
Although newly built housing prices increased by 1.9 percent on an annual basis, the growth rate in prices fell to the lowest level in the last three years.
Halifax Mortgage Director Kim Kinnaird, in his evaluation of the data, stated that there was a very low monthly decline in average house prices in June and said, “On an annual basis, since June 2011, by 2.6 percent, in other words, with £7,500, the biggest decrease was observed.
“While the latest figures show some stability in the face of economic uncertainty, the housing market remains sensitive to volatility in borrowing costs.”
Kinnaird noted that the Bank of England’s 50 basis point rate hike last month caused a huge jump in mortgage rates.