London House Price Growth Hits Slump
London House Prices have stagnated in July, recording their first almost zero growth month since December 2012. Signaling that the boom might be coming to an end.
Data from Hometrack records that prices were unchanged in London at zero percent in July, while June data showed 0.5 percent growth.
This implies demand is weakening most likely due to new restrictions in lending for the housing market and the possible higher interest rates.
The number of first-time buyers registering with estate agents fell 0.9 percent, compared to zero percent in June.
The figures, however must be taken in context. The summer usually sees a slowdown in the market and these figures are from a survey; they aren’t proper, indexed data. These aren’t the only figures hinting at a market cooling though: seasonally adjusted figures on house sales have also hinted at a tempering demand.
House prices are still high, with year-on-year figures showing gains, especially in the capital.
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