House Prices in the UK Slowing

  • 17 years ago
  • Uncategorized
 The average price for a UK home continued to rise in July, according to the latest price survey from Halifax bank, as reported by the BBC. House prices went up by.7% across the UK in July. While prices are still increasing, this is the fourth consecutive month to see an increase lower than 1%.
On a yearly basis, the average home price has risen 11.2% over the past year. The price of house in the UK is £198,195. One reason for the slowing in the rise of housing is the recent interest rate increases. Although slowing, Halifax’ chief economist Martin Ellis expects the market to remain solid:
“Sound economic fundamentals, high levels of employment and a shortage in the number of properties available for sale – particularly in London and the South East – will, however, continue to support house prices.”
Over the next five years, the average cost of a house in the UK is expected to break through the £300,000 level, according to research from the National Housing Federation. While this is good news for real estate investors who are looking for a solid investment, it will make it more difficult for many to get into the market in the coming years.
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