UK house market holds up despite July price fall - Halifax

UK house prices fell again in July but the market showed some signs of holding up thanks to first-time buyers and despite soaring mortgage costs.

The average cost of a property fell 2.4% in the year to July, according to the Halifax house price index, after dropping by 2.6% in June.

A typical home was now worth £285,044. Prices fell 0.3pc in July in a fourth consecutive monthly decline.

“These figures add to the sense of a housing market which continues to display a degree of resilience in the face of tough economic headwinds,” said Halifax Mortgages director Kim Kinnaird.

“In particular, we’re seeing activity amongst first-time buyers hold up relatively well, with indications some are now searching for smaller homes, to offset higher borrowing costs.”

Reporting by Frank Prenesti for Sharecast.com