House prices cooled slightly as growth slowed to 1.8% over the past year, down from 2.2% the prior month—though July saw a tiny 0.1% uptick, leaving the average home at £277,542. Rising energy costs and geopolitical tensions, especially around Iran, have driven mortgage rates higher, chilling buyer confidence. Mortgage approvals plunged 15% in May, the steepest drop since late 2022, as the Bank of England holds rates steady at 3.75% amid ongoing uncertainty. Though rates have eased from earlier peaks, they remain elevated, fueling fears of a summer market slump. Rumors of future property taxes—though stamp duty remains untouched in the upcoming budget—could further dampen activity, especially in premium markets.
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