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UK house prices dip for the first time this year - Rightmove

Stock Markets Aug 15, 2022 09:11
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© Reuters. UK house prices dip for the first time this year - Rightmove
 
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There were further signs today that house price growth in the UK may be cooling with figures released by online property website, Rightmove, showing the first fall this year.

Rightmove said the average price of property coming to market had fallen to £365,173 in August – down 1.3% although analysts at the property website said this was not unexpected.

Tim Bannister, Rightmove’s director of property science, says: “A drop in asking prices is to be expected this month after a frenzied two years and many would-be home movers become distracted by the summer holidays.”

“Indeed, for those that can, this may be their first summer holiday abroad since before the pandemic.”

Bannister also pointed out that price growth for the year would still be 7%.

A lack of supply would provide some support to the market, Rightmove said, with the number of properties currently on the market to buy down 39% on pre-pandemic levels.

Buyer inquiries are down 4% compared to 2021.

Bannister also said the recent interest rate increases by the Bank of England were “not having a significant impact on the number of people wanting to move.”

The report followed data from the Royal Institution of Chartered Surveyors last week that new buyer enquiries had fallen for the third consecutive month.

Housebuilders were mixed on the news with Bellway PLC (LSE:LON:BWY) down 19p at 2,339p but Persimmon PLC (LSE:LON:PSN) and Barratt Developments PLC (LSE:LON:BDEV) little changed.

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UK house prices dip for the first time this year - Rightmove
 

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