House prices remain flat a year after Brexit - Rightmove

Patrice Gainsbourg
Julho 17, 2017

Rightmove's figures show that although prices in most parts of the country rose, the overall average was dragged down by prices falling by 2.4 per cent in London and in parts of central and south-eastern England.

But with consumers facing rising inflation and slower wage growth, there were signs that some properties had hit their price ceiling.

Supply of new homes on the market continued to be restricted, though 7.6% more sellers coming to market this month compared to this time past year, though June 2016 saw the Brexit vote hold the market back.

The property market is still operating from a position of relative strength, Rightmove said, but big gains in price are now likely to tail off. "Sellers coming to market at this time of year have to price more keenly as the traditionally bubblier spring selling season is over and prospective buyers are distracted by their own summer holiday plans", said Shipside.

He warned that market conditions could become hard for some homeowners, including property investors, if there is an eventual hike in mortgage costs, with the Bank of England constantly considering when to raise interest rates. "High demand will continue to underpin prices, but we are seeing stretched affordability limiting the pace of rises, especially in the south of the country".

Higher inflation and lower wage growth may mean the Bank of England holds off on raising interest rates while disposable incomes are squeezed, and there are signs that consumer credit is tightening. They also fell by 0.9% in the South East to £422,904 but are 1.8% up year on year, and fell by 0.8% in the West Midlands to £216,937 but are 3.7% up annually.

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Newly-marketed property prices edged up 0.1% in June, which was stronger than the previous month's fall of 0.4%, and is a solid performance as the start of the summer holiday season generally has a dampening effect on both prices and activity, Rightmove said.

Compared to the period around the referendum a year ago, more sellers have come to market and more buyers are buying.

Prices increased by 1.3% in the North West and the East Midlands month on month to £188,313 and £208,127 and are 2.6% and 5.1% higher than the same month in 2017.

Meanwhile, although house prices in London rose 1.1 per cent between June and July, and 0.9 per cent in the year to July, price growth in outer London stalled, with average asking prices sliding 0.4 per cent.

"Prices are in the summer doldrums".

In a separate report on Monday, Deloitte LLP's Consumer Tracker showed confidence dropped the most in more than two years in the second quarter.

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