La baisse des prix immobiliers au Royaume-Uni se poursuit malgré une résilience relative

UK House Prices Continue to Decline

House prices in the UK have dropped for the fourth consecutive month, according to lender Halifax. The average house price fell by 2.4% on an annual basis in July, a slight improvement compared to June's 2.6% drop. On a monthly basis, prices fell by 0.3%, marking the fourth consecutive monthly decline. The average UK home now costs £285,044, down from a peak of £293,992 in August last year.

Decline Expected to Continue Gradually

Halifax predicts a "gradual" decline in prices in the coming months rather than a sudden drop. The lender also notes that Southern England and Wales are experiencing the most downward pressure on property prices. The South East and London have seen the biggest annual decline, falling by 3.9% and 3.5% respectively. Higher interest rates are believed to be the main factor behind the cooling housing market.

Resilience in the Face of Challenges

Despite the decline, Halifax suggests that the housing market is showing some resilience in the face of economic challenges. Kim Kinnaird, director of Halifax Mortgages, highlights that prices have remained relatively stable over the past six months, with small monthly decreases of less than 0.5%. However, the market is displaying some resilience, particularly in Southern England and Wales.

The daily lightning

Today's concept is interest rates. Interest rates play a crucial role in the housing market. When interest rates are low, it becomes more affordable for individuals to borrow money to purchase homes, leading to increased demand and higher prices. Conversely, when interest rates rise, borrowing becomes more expensive, which can dampen demand and lead to a decline in prices. The recent decline in UK house prices can be attributed, at least in part, to the higher interest rates implemented by the Bank of England. As interest rates continue to rise, it will be interesting to see how the housing market responds and whether the decline in prices will continue gradually or if a more significant drop is on the horizon.