The long-expected slowdown of U.K. housing prices has begun.
The average house price fell by 0.1% month over month to 293,221 US $354,453 in July, the first decrease since June 2021, according to a report Friday from U.K. bank and mortgage provider Halifax.
The average residence costs about 30,000 more a year over the past year, according to Russell Galley, managing director of Halifax.
While we shouldn't read too much into any single month, a slowdown in house price growth is expected for some time, he said in the report. The housing market has recently shown a softening of activity, while rising borrowing costs are adding to the squeeze on household budgets due to the exceptionally high house price-to-income ratios. Inflation, economic concerns and rising interest rates, which the Bank of England has increased to 1.75% from 1.25%, the biggest hike since 1995, are slowing growth.
The prospect of even higher rises and inflation that are starting to slow house price growth, according to a statement from the statement from a statement from a statement from the statement from a statement from a statement from the government, is not so much the sharp uplift in interest rates but rather the sharp uplift in interest rates.
Jeremy Leaf, a London agent and former chairman of the Royal Institution of Chartered Surveyors RICS, said we were not expecting a major correction while demand remains unsatisfied, rents at such a high level and employment so strong. The data shows that larger residences are ahead of their smaller counterparts in terms of price growth. The average price of a detached house increased by 15.1% to 60,860 in July, compared to 7.7% 11,962 for apartments.
The average property price of 222,639 was brought up with the highest price appreciation in Wales last month, bringing the average property price to 222,639, according to the figures. The South West of England, where prices were up 14.3%, and Northern Ireland, which had a 14% jump to 187,102, was followed by the South West of England, where prices were up 14.3% for a cost of 310,846, and the South West, where prices were up 14.3%.
In London, the average price went up by 7.9%, the largest in close to five years. The average price of a property was 551,777.