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UK house prices fell for the fourth consecutive month in July, according to Halifax data on Monday, but the mortgage lender noted the sector is showing some grit despite tough market conditions.
The Halifax house price index fell 0.3% on-month in July, having fallen 0.1% in June.
In June, the typical UK property cost £285,044, down from around £285,932 the month before.
On an annual basis, prices fell 2.4% in July, easing from a 2.6% fall in June.
Southern England and Wales saw the most downward pressure on property prices, Halifax noted.
‘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 Kim Kinnaird, Halifax Mortgages director.
‘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. Conversely, the buy-to-let sector appears to be under some pressure, though elevated interest rates are just one factor impacting landlords’ business models, together with considerations of future rental market reforms.’
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