UK property price increase shows signs of slowing, says Halifax

House prices in the UK dropped by 1% in July compared with the preceding month but were still up 8.4% compared to last year, the Halifax has said.

 

The lender said that there were indications that property price growth was starting to decrease.

Yet, Halifax said that it was too early to determine whether Brexit has had an impact on the property marketplace.

On Thursday last week, the Bank of England cut interest rates and also indicated that house prices could drop.

The Bank lowered its base rate to an all-time low of 0.25% from 0.5%, which will take an estimated £22 off the monthly mortgage statement of those on a tracker deal.

Earlier last week, a report from the Resolution Foundation analysed the fall in home ownership in major cities of the UK.

House prices shot up by 1.6% in the 3 months to the end of July, the Halifax said. The fall in July offset the monthly rise in costs in June, it added.

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