House prices have risen slightly. In July, the average price was £291,268, according to Halifax, a top UK mortgage provider. This marks a 0.8% above the rate in June and which takes the value of an average property to more than £2,200. The rise is slightly higher than economists forecasted; they expected it to be at 0.3% increase.

Annual house prices also witnessed the addition of 2.3% growth. This is a good sign. It follows the Bank of England’s first rate cut in over four years on 2 August. The cut to 5% came after Halifax’s latest figures.

Amanda Bryden, director of mortgages at Halifax, observed that recent trends and a rate cut will be good news. Mortgage rates are down. This is good for those looking to remortgage or buy a new home. But, she said, there are concerns about affordability and a lack of properties. These are problems for those interested in buying.

Bryden expects UK house prices to slowly grow for the rest of the year. This is due to cuts in the mortgage rate and possible reductions in the Base Rate.

At a regional level, North West companies saw the highest increase in exports, up 4.1% from June to July. The average property price is £232,489. However, London is the most expensive city to buy a property. The average property now costs £536,052.
Sam Mitchell, CEO of online estate agents Purplebricks, agreed. He said the recent interest rate cut has boosted optimism in the housing market. He noted that, after the Bank of England’s decision, many lenders lowered mortgage rates. Now, potential buyers are urged to complete their planned purchases.