Prices for homes in the UK have gone down in the month of August, according to a website issued by a financial firm. A UK lending firm reported the average price of a home in the UK went down by one tenth of a per cent to £210,495. The annual price increase also dropped from 2.9 to 2.1 per cent. The lending company’s senior economist attributed the drop to the fact that wages have not been able to match housing prices, especially in the southern section of the UK.
Key Takeaways:
- This month, the prices of houses in the UK went down .01 percent, which is a signal that the market is cooling off and which is an indication that affordability is an issue affecting the market
- This deline follows a couple months of increases, where the new level is the lowest it has been since the Brexit vote and also duplicating May’s report.
- Consumer sentiment is weaking because income levels have failed to keep up with the cost of living, and the financial burden of Uk households is limiting buyers in the market.
“UK house prices fell slightly this month in a further sign that the property market is cooling down as affordability is becoming an issue, especially for Britons in the South of England.”