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UK house prices edged down in July to an average of £285,044, marking a fourth consecutive monthly decline but with the market showing increased activity, according to data from Halifax.

The average house price fell 0.3% last month, broadly in line with a 0.2% drop reported last week by rival lender Nationwide.

The current figures suggest the housing market has so far proved resilient in the face of the sharpest rise in interest rates for 35 years.

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The Bank of England has raised interest rates again by 0.25% to 5.25%.

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HSBC is the first high-street bank to cut mortgage rates after better than expected inflation figures last week.

The bank said rates across 16 mortgage deals would fall from 26th July, while smaller lenders also announced reductions.

HSBC has cut its standard two-year fixed mortgage rate from 6.24pc to 6.14pc for those re-mortgaging  - a drop of 0.1 percent.

Its five-year fixed rate mortgage for those re-mortgaging has fallen to 5.64pc from 5.84pc.

It comes after official figures last week showed inflation eased to a 16-month low of 7.9pc in the year to June. This was down from 8.7pc in May and well below the 8.2pc expected by economists.

Average mortgage rates dipped slightly for the first time since May the day after the figures were released

The Telegraph

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Figures from the Office for National Statistics show the annual rate falling again in April to 3.5%, compared to 4.1% in March - the sixth consecutive monthly fall.

The average UK house price stands at £286,000, which is up £9000 in a year but down £7,000 since September 2022, when prices peaked.

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AT A GLANCE

Homeowners will not be forced to have their properties repossessed within 12 months from their first missed payments.

People will be able to switch to an interest-only mortgage for six months - or extend their mortgage term to reduce their repayments and switch back to their original term within the first six months - without an affordability check or affecting their credit score.

Customers approaching the end of a fixed-rate deal will be able to lock in a new deal up to six months ahead and be able to apply for a better deal up until the new term starts if one is available.

Those worried about their mortgage repayments can call their lender for support and information without it impacting their credit score.

Homeowners who are up-to-date with payments will be given support to switch to a new mortgage deal at the end of their existing fixed-rate deal without another affordability check.

Daily Mail

  1. YET ANOTHER INTEREST RATE RISE.
  2. AVERAGE 2 YEAR FIXED MORTGAGE NOW AT 6%
  3. BRACE FOR ANOTHER RATE RISE
  4. THE FINAL CHAPTER FOR PURPLEBRICKS

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  • Fox Estate Agents have won multiple awards based on extremely high standards of Customer Service.
  • Chris Fox FNAEA has over forty years experience and is backed by a highly experienced, dedicated team.
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  • Fox Estate Agents is an NAEA Propertymark member firm and are also members of The Property Ombudsman Scheme.
  • Our Terms of Business are, No Sale, No Fee and we are here to assist you seven days a week.

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  • We are 100% satisfied and cannot recommend Fox Estates strongly enough. The team were extremely professional, friendly, and approachable from the minute we asked for a valuation right until completion. Their knowledge of the local area was spot on and made the difference on the sale of our house. We are grateful to Chris in particular for his attention to detail, responsiveness to emails and a willing pro-activeness to help keep things moving. I would not hesitate in recommending Fox Estates to my friends and family..

  • Chris Fox put my house on the market on June 13th and advised me to have an open house. 26 people viewed the property and I had 6 really good offers. By 3rd of August we had completed!Chris guided me through the sale with professionalism, integrity, friendliness and his extensive knowledge which can only come from spending 35 years doing a job he is still clearly passionate about.

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  • During my career I have come across many estate agents and Chris really is a true professional, with the highest standards of integrity and professionalism I have seen. As well as having referred him to my own clients and had excellent feedback, I have personally used Chris to sell my property and I have been extremely impressed, and would recommend him to everyone.

  • I instructed Chris to sell my house and when he found a buyer the sale went through in just over 6 weeks. His service was excellent and I would recommended him to anyone. A few months later my mum instructed him to sell her house and again he found a buyer and the sale progressed to completion without a problem. Chris is very knowledgeable and professional and he will give you a very helpful, friendly and attentive service. If you are thinking about buying or selling I would suggest you give him a call

  • I employed Chris Fox to sell my parents home when my mother died last year. He handled the sales with professionalism and respect for my family. He was very eager to secure the right sale and was tenacious on our behalf. He kept us fully informed of all developments during the sale and achieved a very good outcome on our behalf. I would recommend Chris Fox wholeheartedly.

  • AFTER 4 MONTHS OF AGGROVATION WITH ANOTHER ESTATE AGENT I APPROACHED CHRIS ABOUT 2 MONTHS BACK, I EXPLAINED THAT I HATED ESTATE AGENTS, CHRIS HAS GONE A LONG WAY TO REPAIRING THAT IMAGE HAVING DONE A SPLENDID JOB IN SELLING MY HOUSE WITHIN 3 DAYS THE WHOLE PROCESS TOOK 6 WEEKS TO THE POINT I HAD MOVED EXCELLENT ATTITUDE AND A TRUE PROFESSIONAL

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