Landlord Property Fraud

House Prices fell in June UK wide. How about Saffron Walden?

The online property magazine, Property Industry Eye, reports that House price inflation is at its lowest annual rate for four years, according to data from the Halifax.

The latest Halifax House Price Index revealed that values in the three months to June were 2.6% higher year-on-year at £218,390.

The figure is down on 3.3% growth recorded in May and the lowest rate recorded since May 2013 when prices were down 2.6%.

Prices also fell for on a monthly basis for the first time since January, sliding 1%.

Martin Ellis, housing economist for Halifax, said: “Although employment levels continue to rise, household finances face increasing pressure as consumer prices grow faster than wages.

“This, combined with the new Stamp Duty on buy-to-let and second homes in 2016, appears to have weakened housing demand in recent months.

“A continued low mortgage rate environment, combined with an ongoing acute shortage of properties for sale, should help continue to underpin house prices over the coming months.”

Commenting on the figures, Jonathan Hopper, managing director of Garrington Property Finders, said: “This first snapshot of the post-election property market confirms what many feared – there has been no relief rally.

“Across the UK market as a whole, average prices are flat-lining rather than falling, and this has dragged down the annual rate of growth to its lowest level for more than four years.

“Even buyers with a good chunk of equity behind them are being increasingly price sensitive. Sellers who recognise this and are pragmatic with their pricing are the most likely to be the ones moving this summer.” The online property magazine

Steve Cass of Cass Properties remarks, “these are average prices of course and different parts of the UK have differing experiences. In the Saffron Walden area, it is certainly true that buyers have been much more price-sensitive in recent months because they are aware that the ongoing political uncertainty is not good for confidence; and of course, the housing market is all about confidence”.

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