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UK NEWS

UK house prices falling

Jul 31, 2017

According to online estate agency eMoov, the latest figures from the Land Registry show that completion of UK property sales has slowed with prices falling by -0.06% month on month, a welcome sign for UK buyers struggling to get a foot on the property ladder.

However, a slow in the market is no reason to panic for UK homeowners, with prices still climbing 4.1% on an annual basis and the market remaining in very good health despite a year of Brex-angst and market uncertainty.

Commenting on the figure, eMoov’s founder and CEO Russell Quirk said, “The latest figures from the Land Registry seem to reflect the cooling in the market reported by other industry sources such as Nationwide and Halifax and it is only natural that a fall in mortgage approvals translates to a drop in completions.”

Russell continued, “While a market slowdown may send an air of panic across the UK property sector, the reality is that this stall in the pace of price growth is more of a natural adjustment after the very high rate of inflation witnessed over the last few years. Despite the current unpredictability of the UK property market, homeowners are still seeing a return on their investment on an annual basis and it’s far better for the market to adjust slowly, rather than come crashing down to earth as it did a decade ago.”

While a fall in property prices can be good for the moving industry by encouraging people to buy, it does not unfortunately encourage people to sell.

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