UK Property Prices Show A 1% Decrease In July According To New Report
Published: 8th August 2016
A new report out from the Halifax Building Society has shown a drop of 1% in UK property prices for July, resulting in an average drop of £2,000.00 in the price of a UK property. This fall means that the average price of a property in the UK now stands at £214,678. Annual price growth still shows a healthy growth rate of 8.7%, however the new figures do reflect a wider concern about the health of the UK property market.
The figures from the Halifax reflected earlier findings by Nationwide, who previously stated that increasing demand for homes could slow down as a result of growing economic uncertainty, especially following the recent decision to exit the European Union. The fall in UK property prices in July largely offset the 1.5% increase seen in Junes figures.
The erratic nature of the UK property prices, shown by the recent fluctuations in prices seem to be echoing wider investor sentiment, with many waiting to see the longer term impact of both the recent Brexit vite and the Bank of Englands lowering of interest rates.