UK house prices grow at slowest pace in four years
Proactive Investors
Published Sep 20, 2023 12:33
Updated Sep 20, 2023 13:11
UK house prices grow at slowest pace in four years
Proactive Investors - Average UK house prices increased by 0.6% in the 12 months to July, the slowest increase since July 2019 and down from a revised 1.9% rise in June, according to figures from the Office for National Statistics (ONS).
The average UK house price was £290,000 in July 2023, which is £2,000 higher than 12 months ago, but £2,000 below the recent peak in November 2022.
Gabriella Dickens at Pantheon Macroeconomics explained the official index is based on completed transactions, which depend on mortgage offers made over the previous few months.
"As a result, further declines in the official index over the coming months look likely, given that timelier measures point to further weakness," she thinks.
She doubts prices will pick up later this year either, "given that the drop back in mortgage rates over the last month or two has been fairly minimal".
"Consumers’ confidence is still very weak by past standards and expectations of further house price falls remain entrenched," she pointed out.
"On balance, then, we expect a peak-to-trough fall of around 6%, with the nadir coming at the end of the year," she said.
Read more on Proactive Investors UK
Disclaimer
Get The App
Written By: Proactive Investors
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.