UK July House Asking Prices Fall 0.1% On Month: Hometrack

–UK July House Prices Down 0.1% m/m; Up 2.0% y/y

LONDON (MNI) – UK house asking prices in July saw their first fall
in 15 months, according to Hometrack, the housing intelligence business.

July house prices were down 0.1% on the month and up 2.0% on the
year, the first monthly fall since April 2009.

Hometrack said demand in July, as measured by buyers registering
with estate agents, fell by 1.3% on the month, while supply, the number
of properties listed for sale, rose by 3.6%.

Hometrack said while part of the demand fall was seasonal, the
underlying demand trend has been downward.

House asking prices have tended to be a lot more resilient than
actual sales prices.

“Further modest price falls are inevitable over the second half of
the year as the volume of homes for sale continues to rise and demand
remains weak on the back of concerns over the wider economic outlook and
uncertainty over the impact of recently announced cuts in government
spending,” Richard Donnell – director of research at Hometrack – said.

–London newsroom: 4420 7862 7491; email: drobinson@@marketnews.com

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