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Sutton town in London Borough of Sutton in South London, UK. (Image: Shutterstock)UK house prices remained flat in June on a month-on-month basis, confirming forecasts by economists polled by Reuters, according to new data released by Halifax on Monday. The figures underscore the ongoing slowdown in Britain’s housing market, following a property transaction tax increase that came into effect in April.
Halifax also revised its May figures, showing a slightly smaller monthly decline than previously estimated. The lender now reports a 0.3% drop in May, compared to the original reading of 0.4%.
The stagnation reflects a subdued market atmosphere, shaped by fiscal changes and lingering uncertainty around interest rate movements. Halifax noted that house prices are now slightly lower than they were at the end of 2024, indicating a market that has largely plateaued in the first half of the year.
However, some underlying fundamentals remain supportive. Amanda Bryden, Head of Mortgages at Halifax, said the market continues to show a degree of resilience, bolstered in part by wage growth.
“With markets pricing in two more rate cuts from the Bank of England by year end, and the average rate on newly drawn mortgages now at its lowest since 2023, we continue to expect modest house price growth in the second half of the year,” Bryden commented.
On an annual basis, house prices rose by 2.5% in June, a slight dip from the 2.6% growth recorded in May. The figures suggest that while the market is not in decline, growth is softening and increasingly sensitive to broader economic signals.
The June data from Halifax adds to a growing picture of a market that is stabilising rather than surging, as the UK navigates a high-interest-rate environment with evolving buyer sentiment and policy shifts.
Further clarity is expected in the coming months as markets await confirmation of future rate decisions from the Bank of England, and as buyers and sellers adjust to the new transaction tax regime.
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