Halifax data reveals house prices are declining  in UK edging down as average prices fell 0.3 per cent last month and in July to an average £285, 044, egging first time buyers to be more resilient. Data confirms annual fall in July of 2.4 per cent, slower than the 2.6 per cent rate of decline reported in June, and less than the 3.8 per cent reported by Nationwide.

The average interest rate on the existing stock of UK mortgages had risen only to 2.93 per cent as of June, even though lenders are quoting rates of about 6.85 per cent for typical new two-year fixed mortgage.