Experts say there are some 'worrying' signs that the market could get more volatile
Property experts are issuing a warning to homeowners amid fears a housing market crash is imminent. It comes after almost £1,000 was wiped off the average UK house price between June and July, according to Halifax.
“It's worrying to see yet another decline in house prices this month, as the UK sits on the cusp of a housing market crash, the risks of which will have only been heightened by the most recent base rate hike which threatens to push house prices down even further," Kate said. “Average UK house prices edged down slightly in July, with the monthly fall of 0.3 per cent equivalent to a drop of around £1,000 in cash terms. While this was the fourth consecutive monthly decrease, all have been smaller than 0.5 per cent," Kim said.
“Prospects for the UK housing market remain closely linked to the performance of the wider economy. Several factors are providing support, notably strong wage growth, running at around 7 per cent annually. And, while the uptick in unemployment is likely to restrain that somewhat, it seems unlikely to reach levels that would trigger a sharp deterioration in conditions.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Evacuations, flooding and rail chaos: the aftermath of Storm Antoni in the UKStorm Antoni saw 78mph winds hit the UK and trees blown down – blocking 100 miles of railway between Exeter and Penzance.
Read more »
Ten jobs likely to be taken by AI revealed by experts – and those less at riskNEW research has revealed which jobs could be most at risk of an AI takeover. According to researchers at the think tank Pew Research Center, one in five American workers have jobs with tasks that …
Read more »
Fernando Alonso delivers ‘first step’ warning to rivals of stuttering Aston MartinFernando Alonso has hinted at Aston Martin resurgence in the second half of the F1 2023 season after a rollercoaster start to the campaign.
Read more »
UK weather: Warning of falling trees, riptides and power cuts as Storm Antoni lashes UKAntoni - the first named storm of the year - will bring gusts of up to 60mph in the worst-affected areas, with forecasters issuing a danger to life warning.
Read more »
Vet issues urgent warning to pet owners as dog rushed to hospitalDog owners have been issued an urgent warning by vets after one mischief-making pup was rushed to hospital following a trip to the beach
Read more »
Urgent warning for drivers as ROBOTS will tow away illegally parked carsDRIVERS have been warned that robots will now tow away illegally parked cars. Built by the French company Multitract, the Eastract robot has recently been spotted removing cars around Liverpool. Th…
Read more »