- UK house prices posted their first annual decline since November 2023 in a subdued market.
- Average house prices remain around 25% above their level at the end of 2019 despite higher interest rates.
- Lloyds expects affordability challenges to persist, but wage growth and resilient employment to support housing demand.
Quotes
“We expect the market to remain fairly subdued in the months ahead, but this will likely only have a limited impact on house prices.”
“While affordability remains a challenge, wages continue to grow and employment has held up better than many anticipated.”