House Prices Fell in July
House prices fell by 0.6% in July, according to the Halifax.
The average UK house price is now £198,883 on a seasonally adjusted basis, down from £200,280 in June.
This takes annual house price inflation down to 7.9%.
Managing Director of Retail Customer Products at the Halifax, Stephen Noakes, says: “The underlying pace of house price growth remains robust notwithstanding the easing in July.
“Continuing economic recovery, earnings growth in excess of consumer price inflation and very low mortgage rates all underpin housing demand.
“Supply is highly restricted, with the stock of homes available for sale falling further to new record lows.
“This combination of well-supported demand and tight supply is likely to ensure that house price growth remains relatively strong in the near term.”1