House prices fall by the most in south east, says Halifax

The worth of a location successful southbound eastbound England has dropped by £15,500 implicit a twelvemonth aft the portion recorded the sharpest autumn successful location prices successful July.

Halifax, the High Street lender, said mean location prices successful the area, which includes Hampshire, dropped by 3.9%.

House prices successful Wales, erstwhile the beneficiary of the pandemic "boom", besides tumbled.

Overall, however, Halifax said the UK's lodging marketplace was showing resilience, contempt higher owe costs.

It said mean prices fell by 2.4% successful the twelvemonth to July, valuing a emblematic location astatine £285,044. That is slower than the 2.6% diminution recorded successful the twelvemonth to June.

Despite the falls, prices stay overmuch higher than earlier the Covid pandemic.

Some regions saw sharper drops than others. The worth of a location successful southbound eastbound England dropped to £382,489 successful July.

Wales, which Halifax said had seen "some of the astir accelerated maturation successful location prices witnessed during the pandemic 'boom'", recorded 1 of the largest yearly falls astatine 3.3% to £214,495.

Greater London besides saw prices driblet by 3.5% successful July, but the mean terms is overmuch higher astatine £531,141 compared to different regions.

Average location prices fell successful astir each parts of the UK successful July portion from successful the West Midlands, wherever they remained unchanged.

The northbound eastbound of England remains the cheapest spot to bargain a location with the mean terms being £167,594.

Commenting connected the lodging marketplace successful the UK, Kim Kinnaird, manager astatine Halifax Mortgage, said it "continues to show a grade of resilience successful the look of pugnacious economical headwinds".

She said: "In particular, we're seeing enactment among first-time buyers clasp up comparatively well, with indications immoderate are present searching for smaller homes, to offset higher borrowing costs."

Last week, the Bank of England raised involvement rates for the 14th clip successful a row. The summation from 5% to 5.25% volition assistance the outgo of borrowing wealth for galore mortgages.

Andrew Bailey, the Bank's governor, told the BBC determination was an "adjustment" to location prices going on. But helium cautioned: "I deliberation we should debar preaching situation astatine this point, it's not that."

Last week, the Nationwide gathering nine said that location prices successful July recorded their sharpest autumn successful 2009 but they remained £45,000 higher than February 2020, the past period earlier the archetypal lockdown.

During the tallness of the Covid pandemic, location prices soared arsenic radical who were forced to enactment from location astatine the clip decided they wanted much abstraction wrong and out.