House Prices Rise for First Time in Four Months
UK house prices rose 0.2% in June — the first monthly increase since February, when the war’s outbreak froze the market — taking the typical property to £299,330, slightly ahead of forecasts. The lender behind the index cautioned that the market remains subdued, with activity still well below where it stood before the conflict’s inflation shock pushed rate cuts off the table.
One month is not a trend, but the direction matters for what it says about confidence: prices stabilising while Bank Rate sits at 3.75% with no cut in sight suggests buyers have absorbed the higher-for-longer reality rather than waiting it out. The war’s market freeze — February to May — now looks like a pause rather than a repricing. The August Bank of England meeting remains the pivot: cuts stay “off the table” on the Governor’s last word, and mortgage pricing follows that judgment more than any monthly index. Watch whether July extends the rise, and the tone of next month’s MPC minutes.