GB house prices are still rising slowly. Average prices are £328,800, up 1.8% year on year. Monthly growth remains modest at 0.1%, while annual growth has eased from May.
Lower-priced regions continue to lead. Yorkshire and the Humber is up 4.1%, followed by the North West, West Midlands, Wales and the North East. London remains the only region in negative territory.
Purchase demand has adjusted to higher costs. Buying costs are around 78% above June 2019 levels, but mortgage approvals were only 6% lower over the same period.
Buyers are active but more price sensitive. Higher mortgage costs have reduced borrowing headroom, leaving buyers sensitive to price.