House Inflation Falls to 4 Year Low
It has been announced by Your Move Index that during the month of June, house inflation fell to a 4 year low with prices increasing by a mere 2.9%, a drop of 9% on the previous month.
It would appear that the housing market is taking a moment to settle whist when June 2017 is compared to the same month in the previous year, house prices have still risen overall by £8,433, taking the average house price in the UK to £298.906.
Overall, there were rises and falls seen across all parts of the country but generally those areas that fell were;
Wales, which saw a 1.5% drop to 0.2% for the year
West Midlands fell 1.3% to 3.3%
Yorkshire & Humber reduced by 1.2% for the year
South East fell 3.5% in the same time period.
On the other hand, there were areas that saw an increase;
The South West saw prices rise by 4.2% for the year
East Midlands area recorded an increase of 4.1%
East of England however continues to rise with an annual inflation of 5.1%.
Prices in London fell for the third month running, dropping by 1.6% in the month of June, but equating to the second largest drop in the last 6 years.
Although the outlook is still positive for the housing market, the slowdown could be a result of the buy-to-let market slowing down due to tax changes and the time of year.
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