House prices across the UK rise but remain flat in THIS area of the country
HOUSE prices across the UK in general are on the rise but one city is falling behind.
House prices UK: Prices have risen across the country
House prices across England and Wales in July rose by 3 per cent on the month, and are up 3.3 per cent on the year.
The average house price now sits at £240,869.
House prices UK: In London house prices remain flat
We have seen a very significant summer surge in market activity since the election was concluded, with transactions up 8.8 per cent on the month in July.
While the UK market as a whole is showing resilience, London house prices speak another story.
The average property price in the capital has fallen by 0.5 per cent on the month, but has risen by 3 per cent on the year.
Annual growth was slower than the rest of the UK. but sale transactions are up by 5.2 per cent on the month, despite being down by 18.6 per cent on the year.
The latest figures come from estate agent haart.
Paul Smith, CEO of the company, said: “We have seen a very significant summer surge in market activity since the election was concluded, with transactions up 8.8 per cent on the month in July.
“This was the highest July monthly increase in transactions in eight years. July 2014 - at the height of the property boom - was the only other time in recent years when we have seen such a large monthly rise.
“A summer surge is another clear sign that the market is proving resilient. Although the number of transactions remains significantly behind where they were a year ago, it seems the market has reached the bottom of the Brexit barrel and now the real challenge is affordability - how can we get more young people into homes that they can afford to buy?
“There is growing clamour for radical action on stamp duty at the bottom end of the market to help first-time buyers. It is time the government listens and takes action to clear their route to homeownership.
House prices UK: Buyers are choosing to look at fewer properties before they buy
“Looking ahead we could expect to see yet more growth in activity in August and September. Housebuilders are pushing developments towards completion as quickly as possible, and the apparent arability of the UK economy combined with a lower pound is starting to see the return of foreign investors to snap up UK assets.”
House prices are currently too high, according to some experts, causing a crisis in the number of people buying.
Although house prices are going up and up despite ongoing economic uncertainty, buyers are being put under more costs preventing them from buying.