August prices down across England and Wales
Tue 28th Aug, 10:44:17 BST
The rate of inflation in the housing market in England and Wales slowed down for the fourth consecutive month in August, a new study from the property consultants Hometrack has found.
According to the latest figures from the firm, house prices rose by an annual average of 5.4 per cent in the month, a slight fall from 5.9 per cent in July, leading some observers to claim that the market is beginning to fall.
Only in London were prices found to have increased, with the capital experiencing a 0.1 per cent rise over the month, though this rate of growth stands in contrast to the 1.8 per cent rate seen in March.
Furthermore, Yorkshire and Humberside, the north and south-west recorded price falls of 0.1 per cent in August, the study also found.
Commenting on the findings, Richard Donnell, director of research at Hometrack, said: "Buyer confidence has been weakening on the back of increased affordability pressures over recent months but the turmoil in global equity markets has added a new external dimension.
"The housing market faces a testing time over the rest of the year."
According to the latest figures from the firm, house prices rose by an annual average of 5.4 per cent in the month, a slight fall from 5.9 per cent in July, leading some observers to claim that the market is beginning to fall.
Only in London were prices found to have increased, with the capital experiencing a 0.1 per cent rise over the month, though this rate of growth stands in contrast to the 1.8 per cent rate seen in March.
Furthermore, Yorkshire and Humberside, the north and south-west recorded price falls of 0.1 per cent in August, the study also found.
Commenting on the findings, Richard Donnell, director of research at Hometrack, said: "Buyer confidence has been weakening on the back of increased affordability pressures over recent months but the turmoil in global equity markets has added a new external dimension.
"The housing market faces a testing time over the rest of the year."
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