Average UK house prices fell £ 10,000 in July.
The fall in monthly prices continues gradually.
Median house prices in the UK fell by £ 10,000 in July compared to the previous month, official figures show, as the housing market appeared to cool after the phasing out of tax holidays ringtone.
According to data from the Office for National Statistics (ONS), median house prices in the UK were £ 256,000 in July, £ 19,000 higher than the previous year, according to data from the Office for National Statistics (ONS).
Median home prices in the year through July were up 8%. However, the increase was less than the 13% recorded in the 12 months to June. In July, the housing market fell slightly as many homebuyers rushed to complete their purchases before the June 30 stamp tax holiday deadline.
From July 1, 2020, to June 2021, buyers did not have to pay stamp duty on the first £ 500,000 purchase price of a property in England and Northern Ireland, provided the purchase was completed on time. The threshold at which stamp duty begins in the two nations fell to £ 250,000 on July 1 this year and will return to the pre-pandemic level of £ 125,000 on October 1.
London continues to be the city with the lowest monthly price growth.
According to data from the ONS, average house prices rose at different rates in the four UK nations during the year, with the most significant increase, just under 15%, in Scotland, where the average reached £ 177,000.
In Wales, the increase was nearly 12%, bringing the average Welsh home price to £ 188,000, while 9% was recorded in Northern Ireland, bringing the average house price there to £ 153,000.
House prices rose at the slowest pace in England, by 7%, although the nation records the UK’s highest average at £ 271,000.
London remained the region with the lowest annual growth (2.2%) for the eighth consecutive month.
High house prices over the past year have made homeownership further out of reach for many people, said Nitesh Patel, a strategic economist at the Yorkshire Building Society.
“With housing supply low relative to high demand, we can expect home prices to remain out of reach for many first-time buyers. And if rents continue to increase as well, your ability to save for a deposit will continue to decline,” Patel said.
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