Summer Slowdown Reduces House Prices
House prices fell for the first time in seven months, in July, said property analyst Hometrack. An overall decrease of 0.1% was seen and activity in London and South-East England was particularly slow; notably, the two areas that have been keeping average prices up. The North West saw the biggest reduction with house prices falling by 0.3%.
Richard Donnell, the director of research at Hometrack, said:
"Weaker demand is to be expected over the summer months, but compared to previous years, the seasonal slowdown has started earlier and developed more rapidly than in previous years. This reflects growing concern over the UK's economy and the deepening eurozone crisis."
Further detail can be found at http://www.guardian.co.uk/