UK house prices sink for the first time in 2019

For the first time this year, house prices in Great Britain have fallen in the last month, according to new figures.

The average asking price in the UK fell by around £ 660 to nearly £ 309,000 between June and July, according to data released by Rightmove on Monday.

An expert said that the “wrinkle of caution” across the Brexit that has chased the property market spread across the country, with prices that were flat or declining in every English region except the southwest.

The fall can be welcomed by those who want to buy, but analysts are likely to see it as another warning of a slowdown in the UK economy just a few months before the planned Brexit date in October.

The time it takes for homeowners to find a buyer is six years high during this period of the year, while less real estate comes on the market as potential sellers hold back.

The figures suggest that richer buyers and sellers who need to move less urgently are the most reluctant.

UK house prices sink for the first time in 2019

The highest-value houses, with the exception of central London, have seen the steepest fall in value in the last month, with 1.1% from an average of £ 553,700 to £ 547,700.

Rightmove’s house price index report in July predicted a “buyer’s market” in the second half of 2019.

Miles Shipside, Rightmove director and analyst for the housing market, blamed the “current political climate” for trust in the public.

But he added: “With record employment, low interest rates and good mortgage availability, buyers have a lot to their advantage, apart from the lack of political certainty.

“It could be a good opportunity to negotiate a relative bargain in the second half of the year if they can put aside the ongoing distraction of the Brexit.”

“Since the Brexit vote, the market has been much more driven by sentiment than the traditional economic factors of affordability,” said Lucian Cook, head of residential research at Savills.

“There are early indications that this wave of caution, which limits price growth, is spreading more widely to some markets further north.”

The figures are likely to be seen as another warning signal for the UK economy, which some analysts said it contracted in the first half of 2019.

Official figures next month will reveal whether recent reports that show a serious deterioration in services, retail, manufacturing, and construction performance are a reflection of a shrinking UK economy in general.

Manufacturing companies had their worst month in more than six years, as Brexit and tensions on world trade took a heavy toll, while retailers suffered a record fall in June as consumers tightened their belts.


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