The Bank of England announced a Base Rate cut in early August, so any effects this may have are still to be seen. However, Halifax forecasts that this and potential further rate cuts may contribute to an upward trend in prices for the rest of the year.
Amanda Bryden, Head of Mortgages, Halifax, said: “Last week’s Bank of England’s Base Rate cut, which follows recent reductions in mortgage rates, is encouraging for those looking to remortgage, purchase a first home or move along the housing ladder. However, affordability constraints and the lack of available properties continue to pose challenges for prospective homeowners.
“Against the backdrop of lower mortgage rates and potential further Base Rate reductions, we anticipate house prices to continue a modest upward trend throughout the remainder of this year.”
