Data released earlier showed that Southeast England saw the largest decline in housing prices.

After south-east England had the biggest decline in house prices in July, the value of a home there has decreased by £15,500 over the course of a year.

According to Halifax, the High Street lender, the region, which comprises the home counties, saw a 3.9% decline in average property prices.

Wales, a former economic "boom" country, had a decline in housing costs.

Overall, Halifax said that despite increasing borrowing prices, the UK housing market was demonstrating resiliency.

According to the report, the average price dropped by 2.4% in the year to July, putting the median property at £285,044. That is less drastic than the 2.6% reduction seen in the year leading up to June.

Despite the drops, costs are still much higher than they were prior to the Covid epidemic.

Greater decreases were seen in certain areas than in others. In July, the price of a property in the south-east of England fell to £382,489.

Wales saw one of the highest yearly drops with a 3.3% drop to £214,495 according to Halifax, which noted that the country had seen "some of the most rapid growth in house prices witnessed during the pandemic 'boom'."

The average price in Greater London fell by 3.5% in July, but compared to other regions, it is substantially higher at £531,141.

In July, average home prices decreased virtually everywhere in the UK, with the exception of the West Midlands, where they stayed steady.

With an average price of £167,594, the northeast of England continues to be the most affordable region to purchase a property.

The Bank of England boosted interest rates last week for the fourteenth consecutive time. The cost of borrowing money for many mortgages will rise due to the hike from 5% to 5.25%.

According to financial data company Moneyfacts, the average rate for a two-year fixed mortgage decreased slightly on Monday to 6.84%, while the average rate for a five-year agreement remained constant at 6.35%.

The governor of the Bank of England, Andrew Bailey, told the BBC that there is now an "adjustment" occurring in housing prices. He issued a warning though, saying, "I think we should avoid preaching crisis at this point, it's not that."

The Nationwide Building Society said this Monday that although property values fell steepest in 2009 in July, they were still £45,000 higher than in February 2020, the final month before the first lockdown.

House prices rose at the height of the Covid epidemic as people who were compelled to work from home at the time desired larger interior and outside spaces. A stamp duty holiday also helped to increase the market.

(Sources: bbc.co.uk, moneyfacts.co.uk)