Housing prices in the United Kingdom fell for the fifth consecutive month in July, with experts predicting that the downward trend will continue into 2024.

However, despite rising borrowing costs, the housing industry is showing indications of resiliency.

Halifax, the UK’s largest mortgage provider, presented data on Monday that shed light on the changing environment of the UK housing market.

The most recent data show a 0.3% drop in home prices from June, following a string of similar declines that began in April.

Halifax’s report underscores that the housing market is navigating a challenging period, grappling with ongoing economic adjustments and policy changes.

Comparing the data on a year-over-year basis, housing prices have exhibited a 2.4% decrease, marking a slightly smaller contraction compared to June’s 2.6% decline—a notable shift that was the most substantial fall in a decade, tracing back to June 2011.

The housing market’s current slowdown can be attributed in part to a sustained series of interest rate hikes by the Bank of England (BoE) since December 2021.

The central bank’s proactive measures have aimed at curbing persistent inflationary pressures, shaping the dynamics of the housing sector.