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UK House Prices Lowest In A Year, Sales Decline

Aug 14 2012
By
Forexbrokerz.com

House prices in the U.K. declined to the lowest in a year in July, while sales plunged to near four-year low, a survey by the Royal Institution of Chartered Surveyors (RICS) revealed Tuesday.

The headline house price balance fell to minus 24 in July from minus 22 in June. A reading below zero implies more survey respondents saw price falls than an increase.

The surveyors do not expect any improvement in the property market outlook for the next 12 months both in terms of sales and prices, according to RICS.

The survey showed that the gauge for newly agreed sales dropped to minus 20 in July, its lowest reading since 2008, from minus 13 in June.

A recent survey by the Nationwide Building Society showed that house prices declined at the fastest pace in almost three years in July, with the economic downturn dragging housing market activity. According to Nationwide, prices were down 2.6 percent year-on-year.

House prices dropped 0.6 percent from the previous month in July, a survey by Lloyds Banking Group's Halifax division showed this month.

In its latest quarterly Inflation Report, the central bank said economic growth is likely to be around 2 percent in two years, down from the 2.6 percent expansion estimated in May.

"The impact of the euro-area debt crisis, together with the fiscal consolidation and tight credit conditions at home, is likely to continue to weigh on demand," the report said. The central bank expects the Funding for Lending Scheme and quantitative easing to spur a modest recovery.

The economy fell deeper into recession in the second quarter. Gross domestic product dropped 0.7 percent from a quarter ago on an extra public holiday and poor weather.

The material has been provided by Instaforex Company - instaforex.com
TAGS: UK  House  Prices  Lowest  In  A  Year    Sales  Decline   

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