UK Housing Pulse July Edition - Focus on political change, risk of uncertainty weighing on the market

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UK Housing Pulse July Edition - Focus on political change, risk of uncertainty weighing on the market

J P M O R G A N Europe Equity Research

10 July 2026

UK Housing Pulse

July Edition - Focus on political change, risk of

uncertainty weighing on the market

We publish the July edition of the UK Housing Pulse, a monthly report in European Building & Construction

collaboration with the European Banks and Internet Research teams. and Infrastructure

Zaim Beekawa AC

What’s inside? We track key indicators for the sector and assess (i) House prices (44-20) 7134-4175

and related forward indicators; (ii) Mortgage rates and affordability; (iii) zaim.beekawa@jpmorgan.com

Housing supply and transactions; as well as (iv) Build cost inflation. Elodie Rall AC

(44-20) 7134-5911

elodie.rall@jpmorgan.com

AC• The key takeaways in our July edition are: (i) House price trends are on the Jamie Smallbone

softer side with Nationwide prices flat and Rightmove prices down 0.6% m/m; (44-20) 3493-7015

(ii) UK Housing Transactions were up 21% y/y in April (reflecting favorable jamie.smallbone@jpmorgan.com

base effects) and Mortgage Approvals were down 11% y/y; (iii) Mortgage rates European Banks

declined by c.15bps in June. AC Sheel Shah, CFA

• Few signs of improvement in the data. Once again, the data showed few signs (44-20) 7134-8455

of improvement, but did not materially deteriorate further. June house prices sheel.shah@jpmorgan.com

were flat m/m (Nationwide) or down (Rightmove), which is weak relative to Venkat Madasu AC

seasonal norms, but the RICS data showed a slight improvement this month (44-20) 3493-9041

(albeit expectations for both activity and house prices remain firmly in negative venkat.madasu@jpmorgan.com

territory).