A decline in housing prices and home loans has improved the outlook of the housing market and fears of a new housing slump, according to new figures.
The figures from Nationwide show a reduction of 0.5% in the prices of houses in the UK during July, after the preceding months saw a slow decline in home prices, before remaining stable in June.
The average house price is only 6.6% higher than one year ago, a decline from 8.7% in June, and costs an average of £169,347 according to Nationwide’s figures.
Nationwide’s research is supported by other figures from within the housing industry including the first successive fall month-by-month according to Halifax’s Price Index, while the Royal Institution of Chartered Surveyors has reported the lowest buyer demand for homes in two years.
The slowdown in mortgage lending and the prices of homes has been attributed to reduced consumer demand for homes, as well as an increased supply in homes up for sale.
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