British surveyors report slowing house price growth

Housing market sees 'sustained deterioration' in activity as price growth stalls

SURVEY: The UK housing market is 'faltering' and price growth is 'nearing zero'

However, house prices increased in areas such as Northern Ireland, the west Midlands and the south west.

Alongside this, sales activity continues to lack momentum, with the net balance readings for buyer enquiries and agreed sales remaining slightly negative, at -4% and -5% respectively.

Two-thirds of those surveyed reported that homes marketed at more than £1m had sold for less than their original asking price.

Conversely, the balance for central London remained negative - as it has for the previous three months - particularly for homes at the top end of the market. This was the weakest reading Rics has recorded since March 2013.

Of homes marketed at less than £500,000, 49% noted sales and asking prices were at the same level, although 37% stated sales prices were lower.

"One reason for this is the recent series of tax changes but this is only part of the story.

Lack of new build in the wake of the financial crisis is a more fundamental factor weighing on the market", said Simon Rubinsohn, the chief economist at Rics.

Jeremy Duncombe, director of Legal & General Mortgage Club, said that despite the more discouraging views on the housing market, the mortgage industry has remained resilient in recent times.

Housing market sees 'sustained deterioration' in activity as price growth stalls

'The flatter trend in price growth is arguably a silver lining but there is no real indication that the housing market will become materially more affordable any time soon'.

Mr Dickey said: "Today the key challenge for the market appears to be supply, along with some economic and political uncertainty".

'Pricing at all levels needs to be competitive to attract buyers'.

'A few more instructions have encouraged some action, but market is desperately price sensitive and too much stock is unrealistically overpriced'.

The percentage is up from 15% in June and, although it only shows a modest increase, it's said to be in contrast to other areas of the United Kingdom including the West Midlands, London and the North East where sales activity dropped during July.

However, on Wednesday, Ulster University's latest Quarterly House Price Index report said there had been a 1.1% fall in values. The main problem is a shortage of homes for sale, although muted interest from buyers and the aftermath of tax changes a year ago were also to blame.

For those who would struggle to pay their mortgage were interest rates to rise, a fixed rate makes sense, and the good news is that there are many excellent deals available which will keep monthly payments low and help with budgeting.

House prices were down over the three months to July, however, Halifax said, dipping 0.2 per cent from the £220,515 reached in May.

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