Nationwide’s Chief Economist Martin Gahbauer said: “House prices fell in July for the first time since February. The price of a typical UK property fell by a seasonally-adjusted 0.5% month-on-month, after having been unchanged in June.
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Mortgage lending fell in June, the Bank of England reported yesterday. The number of loan approvals for house purchase stood at 47,643, 4% lower than May’s figure of 49,461 and below the previous six-month average of 50,036.
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Lending fell sharply in June, with the British Bankers Association reporting that the number of mortgage approvals for house purchase fell to a four-month low of 34,813.
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With new seller numbers outstripping new mortgage approvals by approximately 5:2, the second half of the year looks set to see prices drift back to where they were at the beginning of the year as buyers get the upper hand according to Rightmove
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Nearly three times as many landlords reported that tenant demand was rising rather than falling during the second quarter of the year.
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The availability of rental properties is worsening, according to research out today from ARLA.
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Prices are 7.5% above their April 2009 trough despite the modest decline over the past few months.
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