What is happening in the UK at the moment? A quick look around the various sites tells us that everyone is as cautious as ever when it comes to making predictions about the market, but that while the picture isn’t exactly rosy, it’s not all doom and gloom.
The Land Registry website has the following figures for England and Wales: ‘Average house prices in England and Wales fell one per cent in June, taking the average price to £180,781. Annual house price growth shows a decline for the tenth consecutive month, with an increase of 0.1 per cent. House prices in London fell by 2.5 per cent in June - more than any other region in England and Wales, taking the average London house price to £345,136. The North East bucked the downward trend being the only region to experience growth, with a monthly increase of 4.1 per cent.
For, Halifax Suren Thiru, economist, said: ‘House prices fell by 1.7 per cent in July. Pressure on householders’ income, together with a very significant reduction in mortgage finance due to the global financial markets crisis, is constraining potential house buyers’ ability to enter the market. This is resulting in both lower prices and activity levels. A solid labour market, low interest rates and a shortage of new houses continue to support the market. The labour market is the key driver of the housing market and the number of people in employment is at a record high.’
Rightmove says: ‘London is worst hit as sellers knock of £21,000 a month; monthly falls accelerate as summer sellers drop average national prices by 2.3 per cent; the number of new sellers hits a historical August low, though buyers still have the widest choice for years as unsold stock levels rise to record levels; there’s a danger of short-term incentives to boost the market doing more harm than good.’
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