UK House prices fall!

July 30, 2010

UK house prices fell back in July, for the first time since February, as buyer demand remained weak.
According to Nationwide, the average value of a home declined by 0.5%, to £169,347, taking the annual rate of inflation down to 6.6%, compared with 8.7% in June.
The lender notes that the sizeable drop is due in part to the strength of house price gains in July of last year.
Demand from homebuyers remained subdued, attributes this to a combination of restrictive credit conditions and nervousness on the part of potential first-time buyers and home movers, who are uncertain about the future economic outlook.
At the same time, the imbalance between supply and demand has been easing since the abolition of Home Information Packs in May, putting further downward pressure on prices.
It will take several more months to establish whether house prices are now simply oscillating around a flat price trend or whether a period of downward trending prices may be in store!

Be Sociable, Share!

Comments

No Comments Yet.

Got something to say?





  • Fast Cash Offer Definate Call Back Within 24 Hours

    Name (required)

    Email (required)

    Telephone

    Post Code

    Type of Property

    Your Message

    captcha

To Sell your House quickly

Contact us today and get your life back on track. The quicker you call us the quicker you can get back on track.
You have nothing to lose - we even pay for your call.
So call now on 0800 012 2829 and sell your house quickly or click here and we will call you back.