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UK House Prices fall by 1.5%

Housing-Market / UK Housing Jul 02, 2012 - 05:58 AM GMT

By: Submissions

Housing-Market

James Mechan writes: The average UK house price fell by 1.5% in June – the largest decrease since August 2009. The average house is now valued at £165,738, as prices fell by 1% nationally. However, for the same period, prices in Greater London rose by 1%, giving an average house price of £401,841.


It has been suggested that the fall in house prices can be directly linked to the ending of a stamp duty concession for first-time buyers in March, where deals were pushed through right up until the deadline. These deals may have taken place later in the year, had it not been for this change, which created some volatility in the housing market: thus making it harder to examine the trends due to the unexpected level of activity.

However, despite the reintroduction of stamp duty on first-time buyers, many economy experts believe that prices will fall further throughout 2012: but the predicted changes range from -2% to -10%.

As house prices fall, it may discourage sellers from rejoining the property ladder as the risk of making a loss on a property – this will result in the economy slowing.

A good indicator of the health of the UK property market is usually the number of new build homes for sale: many regions report that this number fell during the first quarter of 2012, and the constrained number of new builds means that house prices and the market in general looks to remain stable across the rest of the year.

james.mechan@silverbean.co.uk
www.silverbean.co.uk

© 2012 Copyright James Mechan - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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