UK House prices In two decades, its fastest has experienced a decline in July, new figures show, the price of average asking falls more than £ 4,500 this month.
Property portal rightmov stated that the average asking price is now £ 373,709, which reduces 1.2 percent or £ 4,531 months-month.
While A Seasonal dip in prices is specific For July, this year’s decline has been recorded most important by Wrightmov for this time of the year in its more than 20 years of data.
Wrightmov has increased the forecast of the price of his home by 4 percent to 2025 to 2 percent, as the seller limits the price increase due to the high level of competition, it is said.
Despite this, Property The website maintains its prediction of 1.15 million property transactions for the current year.
Data indicates that LondonEspecially internal London, has been one Major drivers of low asking pricesThe price tag in the capital has seen a decline of 1.5 per cent per month, which has increased by an average of 2.1 per cent in the internal London.
The website stated that the April increase in stamp duty has had a special impact in London, where property prices are high.
In contrast, the North East of England has seen a 1.2 percent increase in prices, with a rapid price increase in the trend of less expensive areas.
The WrightMov report states that a decline in mortgage rates and two more bank of England base rates are expected, which is still expected in 2025, the overall approach for the second half of the year is positive.
Many lenders have recently changed their criteria, allowing some borrowers to be potentially large loans.
Rightmov’s hostage tracker indicates that the average two-year fixed mortgage rate is 4.53 percent compared to 5.34 percent a year ago.
Choline Babbock, a property expert at Wrightmov, said: “We are currently looking at an interesting dynamic between pricing and level of activity.
“The health of the property is agreed at the healthy and improvement level of the sale of the property. Buyers There are ready to finalize a deal for the right assets.
“The high level of the decade of the buyer’s choice means that when a house can be available in its area, buyers who buy maximum in a house may quickly appear.
Ms. Babbock said: “Importantly, the cheapness of the buyer is moving in the right direction, and one and two (Bank of England base rate) cut before 2026 will be a big boost for this.”
