UK house prices fall for first time since June 2021

Rising interest rates and increased living costs will lead to slowdown in house price growth, lender warns

Greater London recorded the slowest rate of annual house price growth of any region in the UK, at 7.9%, although it also has the highest average property cost at £551,777.

House prices in the UK fell in July for the first time in more than a year, as the country’s largest lender warned of the impact of higher interest rates and the broader cost-of-living crisis.

The average price of a home was £293,221 (€347,525) last month, down 0.1% month on month, the first decrease since June last year, according to the latest report from Halifax.