Average house prices slipped lower by 0.2 per cent in July to £302,251, according to Your Move, although the figure was up 1.6 per cent on the same month last year.
It was the fifth consecutive month of price falls, with the estate agency (part of LSL group) putting the trend down to slower housing market activity.
In July, there were an estimated 75,000 transactions, which was 2 per cent down on June and 6 per cent lower than the seasonal trend.
Transactions in the first seven months of 2018 are estimated to be 4 per cent below the same period in 2017.
While there was whilesome variation in the rate of growth between regions – from
3.3 per cent in the West Midlands to 0.5 per cent in the South East and East – the range is narrower than at almost any time since our records began in 2000, Your Move says.
In London prices were down by 0.9 per cent month on month to £625,529, although the figure was 2.7 per cent higher than July 2017.
Prices fell in 21 out of 33 boroughs on an annual basis.
Within the capital, the City of London saw the steepest fall with prices down by 19.4 per cent to £733,025, but the estate agency points out that this was based on a low volume of transactions.
Your Move and Reeds Rains managing director Oliver Blake says: “Whilst the market
continues to be challenging all regions and most local authorities continue
to show house price growth, proving its resilience.”
