United Kingdom house prices 'virtually at standstill' as buyers stretched

United Kingdom house prices 'virtually at standstill' as buyers stretched

United Kingdom house prices 'virtually at standstill' as buyers stretched

But with consumers facing rising inflation and slower wage growth, there were signs that some properties had hit their price ceiling.

More than 45% of agents' property stock was sold during the period, the highest proportion recorded since Rightmove's house price survey began in 2010.

In the East of England asking prices increased by just 0.6% month on month to £351,276 but are still 3.8% higher than a year ago and in Wales they increased by 0.8% to £184,308 but are 0.5% down year on year.

Across the country, London recorded the biggest month-on-month increase in asking prices in July, with a 1.1% rise, followed by the West Midlands with a 0.7% increase and Wales with growth of 0.6%.

United Kingdom house prices increased only marginally in July as subdued wage growth weighed on affordability, property website Rightmove reported Monday.

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Rightmove said that the average asking price of a home listed for sale on its website - over 90% of United Kingdom estate agents list homes on the portal - increased by 0.1% month-on-month, taking the annual rise in prices to 2.8% compared with a 1.8% increase in June, with all regions seeing a year-on-year price rises.

'The price of property coming to the market had increased in June in every year since 2009, so buyer confidence has clearly been affected by inflation outstripping their pay packets and current political events, ' he pointed out. The Rightmove report suggests annual average house price increases of 2.8% so far this year, which is absolutely in line with market forecasts and expectations for 2017, so again should not raise any alarm bells whatsoever.

Prices of homes put up for sale in the United Kingdom remained just about flat last month, according to research published overnight.

In spite of high demand and lack of suitable supply, stretched buyer affordability continues to act as a price brake, Rightmove said.

Wage growth is muted, there are signs that consumer credit is tightening, and at some point there will be the first rise in mortgage interest rates for a decade or more which will come as a shock to buyers, Rightmove Director Miles Shipside, said.

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The report also says home buyers are encountering more "sold" boards slapped on properties than at any other time in the last seven years.

The number of sales agreed rose by 4.6 per cent in June 2017 compared to June 2016, putting the year-to-date figure nearly on a par with last year, when activity was boosted by the rush to beat the stamp duty deadline.

The number of agreed sales in June rose by 4.6% year-on-year, while the number of sellers was up by 7.6%.

"Prices are in the summer doldrums".

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