House Prices FALL For First Time In Over A Year Say Halifax As UK Economy Shrinks In Second Quarter

UK House Prices FALL For First Time In Over A Year Say Halifax As UK Economy Shrinks In Second Quarter

· UK house prices suffer their first drop in a year according to figures compiled by Britain’s biggest lender.

· Average property worth £293,221

· Annual growth highest in Wales at 14.7%

· UK Economy shrinks and heads into recession

Average UK house prices dipped in July 2022 for the first time in a year, according to property market data from Halifax.

Watch video version https://youtu.be/EAFwHV0VQWQ

The lender’s house price index revealed that price growth slowed by 0.1%, or £365, month-on-month since June, valuing an average UK home at £293,221.

The annual rate of house price growth eased to 11.8%, down from 12.5% last month.

This month, separate house price data from the Nationwide building society and Zoopla also indicated a slight slowdown of the UK’s property market.

Last week I reported that HMRC property transactions data for June shows there were 96,920 sales, on a non-seasonally adjusted basis, the third slowest June for a decade and down 4% on June 2019.

Sales are down 55% compared with 2021 and on a monthly basis down 3.1%, according to the HMRC data based on stamp duty submissions. Watch video - https://youtu.be/Q4ycEfF7ER4

Open House South Herts is advertising property deals in the north of the UK from just £30,000 asking price with yields of between 10 and 15%. – see https://www.facebook.com/estateagentswatfordelstreeandborehamwood

UK economy shrinks Q2 as recession looms

The UK economy officially shrank between April and June as the Bank of England predicts the country will fall into recession later this year.

The economy or GDP contracted by 0.1% in the second quarter of the year, the Office for National Statistics (ONS) reports, but is not yet in recession because it grew by 0.8% in the first quarter.

Banks not passing on interest rate rises to savers!

See: video - https://youtu.be/5Z1DVXkCcfo to see what can you do to make more of your savings.

Make your money work harder for you…See: 6 Tips to get on the property ladder - https://youtu.be/F4spqKpYZo4

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