According to recent data from Rightmove, U.K house prices fell slightly in July.
The property website revealed a -0.2% drop in prices, equivalent to a decrease of £905.
Rightmove attributed the dip to escalating mortgage costs, which have put increased pressure on prospective buyers. As of July the average house price now stands at £371,907.
Despite the decline, house prices are still +2.6% higher than they were in January, demonstrating resilience in the face of wider economic pressures. Over the year prices rose by +0.5% in July, although this was a deceleration from the +1.1% increase observed in June.
Meanwhile the number of agreed sales also dwindled, falling -12% behind June the 2019 level. This follows a robust performance in the first five months of 2023. The impact was more pronounced in the larger home sector, where agreed sales were down -14% compared to 2019. Smaller properties, with two bedrooms or fewer, saw a lesser but still significant dip of -9%.
Despite this, buyer demand actually increased by +3% compared to 2019 levels, with suitably priced homes garnering more interest due to a shortfall in property supply in recent years.
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