House prices down in summer but autumn will see improvement

Permalink: House prices down in summer but autumn will see improvement
by Kay Murchie

According to Team Association, the UK-wide network of independent estate agents, the average house price in August was £221,708, down 0.4% from July’s figure.

A spokesperson for Team Association highlighted that this was due to a lack of consumer confidence in the economic environment and the controversy surrounding Home Information Packs.

The spokesperson added that the market will recover shortly and autumn should see an improvement given that there will be no further interest rate increases.

Regionally, the price falls in August compared with July were similar to the national average with the biggest house price decline of 1.96% which was noted in Greater London, bringing the average house price there to £326,171.

Team Association concluded that regionally, Greater London has noted the biggest price fall, which suggests that interest rates might have finally started to have an affect on this area.

The survey also discovered that houses for sale across the UK declined by 6% in August on July’s figures and down 9.51% when compared to August last year.