May 27, 2018

United Kingdom house prices have edged up just £300 in July

17 July 2017, 04:35 | Rufus Hill

House prices remain flat a year after Brexit - Rightmove

Asking prices ‘remain muted’ despite high demand from buyers

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

Prospective buyers are "seeing a lot of sold boards on properties they would like to buy themselves" with over 45% of estate agents' property stock now being sold subject to contract.

This was closely followed by the West Midlands which saw a 0.7 per cent increase and Wales, where asking prices increased by 0.6 per cent.

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%.

House prices have increased 2.8 per cent since last July, the Rightmove House Price Index revealed today; the report shows a month-on-month increase of 0.1 per cent.

This has added to the nervousness among consumers and homeowners, with last week's Royal Institution of Chartered Surveyors house price report suggesting that political uncertainty at home is weighing more heavily on the market than Brexit.

Rightmove suggested that although supply of new properties coming onto the market is low while demand is relatively strong, the amount buyers can afford is acting as a "price brake".

In general markets in the northern part of the country are doing better with an 11% rise year on year whereas markets in the South have seen prices rise by a smaller 3%.

The survey, which is calculated on asking prices on Rightmove's website rather than completed transactions, showed that house prices were 2.8% higher compared to the same period a year earlier.

United Kingdom house prices are "virtually at a standstill" as consumers contend with a squeeze on living standards, Rightmove Plc 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", said Rightmove Director Miles Shipside.

"Prices are in the summer doldrums". Although for first-time buyers, the figure fell 1.7 per cent month-on-month, from £196,943 in June to £196,450 this month.

The number of sales agreed was up by 4.6 per cent in June 2017 compared to June 2016, and the number of sellers coming to market is also up on the same period a year ago, with a 7.6 per cent increase in fresh choice for buyers.

As the fundamentals of the housing market remain good, the online property experts said, this had led to the number of sales agreed numbers remaining nearly identical to those in 2016, with many parts of the country seeing as high a proportion of properties marked as sold than at any time in the last seven years.

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