Property experts are issuing a warning to homeowners amid fears a housing market crash is imminent. It comes after almost £1,000 was wiped off the average UK house price between June and July, according to Halifax.
“It's worrying to see yet another decline in house prices this month, as the UK sits on the cusp of a housing market crash, the risks of which will have only been heightened by the most recent base rate hike which threatens to push house prices down even further," Kate said. “Average UK house prices edged down slightly in July, with the monthly fall of 0.3 per cent equivalent to a drop of around £1,000 in cash terms. While this was the fourth consecutive monthly decrease, all have been smaller than 0.5 per cent," Kim said.
“Prospects for the UK housing market remain closely linked to the performance of the wider economy. Several factors are providing support, notably strong wage growth, running at around 7 per cent annually. And, while the uptick in unemployment is likely to restrain that somewhat, it seems unlikely to reach levels that would trigger a sharp deterioration in conditions.