After three months of stagnation, the bigger-than-expected rise in the Halifax house price index in July provides further evidence that house prices are bouncing back from the slight rise in mortgage rates in the first half of this year. What’s more, the recent fall in the 2-year interest swap rate from 4.25% at the end of July to 4.08% now due to investors’ US recession fears further raises the upside risks to our forecast for house prices to grow by just 1.0% in 2024.
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