U.K. prices fall for first time since June 2021

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U.K. prices fall for first time since June 2021

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.

According to Russell Galley, the average residence in Halifax is about 30,000 more dollars per year, with prices still 11.8% higher than they were at this time last year.

He said in the report that there was a slowdown in annual house price growth and that we shouldn't read too much into any single month, even though the fall is only fractional. The housing market has recently seen a softening of activity, while rising borrowing costs are adding to the squeeze on household budgets against a backdrop of exceptionally high house price-to-income ratios. The Bank of England has increased its interest rates by 1.75% from 1.25%, the biggest hike since 1995, despite the fact that inflation, economic concerns and rising interest rates are slowing growth.

It is not so much the surge in interest rates but the possibility of even higher rises and inflation which is starting to slow house price growth, according to a statement from a statement from a statement from a statement from a statement from a statement from a statement from a statement from a statement from the statement from a statement from a statement from a statement from a statement from the Federal Reserve.

Jeremy Leaf, a London agent and former residential chairman of the Royal Institution of Chartered Surveyors RICS, said we were not expecting a major correction and demand remains unsatisfied, rents at such a high level and employment so strong. The data shows that larger houses are more expensive than their smaller counterparts in terms of price growth. The average price of a detached house went up by 15.1% to 60,860 in July, compared to 7.7% 11,962 for apartments.

The average property price was 222,639, and Wales saw the greatest price appreciation last month, as it went up 14.7% annually, the figures show. It was followed by the South West of England, where prices went up 14.3% for a cost of 310,846, and Northern Ireland, which had a 14% jump to 187,102.

In London, there was a 7.9% increase in average prices, the largest in nearly five years. The average price of a property was 551,777.