Rubbish Check
Daily Mail Money · 7 August 2026
source“House price growth falls to lowest level since 2023 as buyers baulk at high mortgage rates”
R4/ 10
Selective
Rubbish Rating — 1 = base fact, 10 = pure rubbish
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In short
Rubbish Talk rates Daily Mail's claim that buyers are "baulking" at mortgage rates a 4/10 because Lloyds' own release describes demand as "broadly steady," not buyers retreating, and the headline ignores two years of near-flat prices and a sharp regional divergence hidden beneath the national average.
The Verdict
Selective. The core stat, slowest annual growth since November 2023, is correctly lifted from Lloyds' index, but "buyers baulk" dramatises a market Lloyds itself calls steady, and the headline's national framing buries a north-south split so wide that Northern Ireland is up 7.4% while London is down 1.3%.
What actually happened
Lloyds Bank's House Price Index recorded annual growth of just 0.1% in July, the weakest reading since November 2023, with the average UK property price dipping to £299,253. Lloyds' head of mortgages, Amanda Bryden, attributed the slowdown to affordability pressure and mortgage rates that had "edged higher again" after Middle East-driven volatility, while stating that overall housing demand remained "broadly steady."
Key facts
- Annual house price growth: 0.1% in July, down from 0.7% in June, the slowest since November 2023.
- Monthly change: average price fell £143 in July after rising £584 in June, average now £299,253 vs £299,396 in June.
- Prices have stayed within a 0.5% range for two years and are only 2% higher than summer 2022, four years of near-stagnation.
- Regional split: North East +2.8% (£182,488), North West +2.1% (£247,836), Northern Ireland +7.4%, Scotland +3.6% (£223,246), Wales +1.6% (£231,458).
- South East -2% (£381,146), London -1.3% (£533,930), the two regions dragging the national figure down.
- Lloyds quote: demand "remains broadly steady" and market activity/prices are expected to "remain relatively stable" for the rest of the year.
What to watch for
- Watch whether mortgage rates keep climbing on Middle East-linked inflation, the stated driver behind July's dip; a reversal would undercut the "baulking buyer" narrative fast.
- Watch the London/South East population outflow cited by estate agents as a structural, not just rate-driven, factor in southern price falls.
- Next month's reading will show whether this is a blip (Lloyds forecasts stability) or the start of a genuine downturn.
About this scoreThe R-Score is Rubbish Talk's editorial opinion on how far a headline's framing sits from what the underlying facts support. It is a judgement about presentation and emphasis, not an allegation that any outlet has acted dishonestly. Every figure we rely on is linked under Receipts so you can check it yourself.
