Average house price down again in July

Average house price down again in July

10:36 AM, 8th August 2019, About 4 years ago

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The Latest statistics from the Halifax House Price index shows  on a monthly basis, house prices fell by 0.2% to an average of £236,120.

However, in the latest quarter (May to July) house prices were 0.4% higher than in the preceding three months (February to April) and house prices in the three months to July were 4.1% higher than in the same three months a year earlier.

July’s annual change figure of 4.1% comes against the backdrop of relatively low growth in the corresponding period in 2018, which has had an impact on year-on-year comparisons.

Russell Galley, Managing Director, Halifax, said: “The average UK house price fell slightly for a second month, as the market continues to tread water with marginal increases or decreases in each monthly period.

“That said, it’s worth remembering that while economic uncertainty continues to weigh on the market, the overall trend actually remains one of comparative stability, with average prices down by less than £600 over the last three months.

“We have seen a reported drop off in the number of properties sold during the early months of summer, which may lead some to speculate a downturn is on the horizon. However,new buyer enquiries are up, and favourable mortgage affordability driven by low interest rates and strong wage growth should continue to underpin prices for the time being.

“In the longer-term, we believe there is unlikely to be a step change in market activity until buyers and sellers see some form of resolution to the current economic uncertainty.”

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