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UK House Prices Stabilise but Consumers Remain Cautious

Story posted: 20.07.17

The latest survey conducted by Rightmove shows that the asking prices for properties in England and Wales have stabilised after a drop in June, but indicates home-buyers remain cautious as wage growth falls behind inflation.  

Figures were based on property advertised between June 11 and July 8, covering the weeks after Prime Minister Theresa May unexpectedly lost her majority in parliament, creating uncertainty for investors who were already on edge about Britain’s exit from the European Union.

Rightmove suggests, “Average asking prices for property sold on its website increased by a monthly 0.1% in July, a month that usually sees slight falls in prices. In annual terms, prices were up 2.8% compared with a 1.8% rise in June.”

Rightmove director Miles Shipside said, “The market remained very price sensitive with some properties hitting a price ceiling.” Shipside stated that, “the eventual rise in mortgage costs will be a shock to buyers… Price rises are muted despite high housing demand, indicating we have left the stage of the cycle where price rises exceed the rate of inflation.”  

A jump in inflation to nearly 3% has curbed the spending power of the British consumer, contributing to a slowdown in the economy and in house rises.


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