By Max Clarke
House prices have dipped by 2.1% in July, bringing year-on-year price drop of 0.3%- the first annual decline since September 2009.
The 2.1% drop compares to a total decline of 4.1% since the pre-recession peak in 2007, Rightmove’s latest house price index reveals.
While internal and external shocks have seen wide fluctuations in many markets, housing has remained stable, dropping just 4.1% in four years, and by 0.3% in one year.
Rightmove’s figures match those of from LSL Property Services, who put the decline at 0.1%, indicating equilibrium in the housing market.
“While the world’s financial jitters are now playing havoc with stock markets and our future pensions, there are bound to be concerns about the impact on assets held as bricks and mortar,” said Miles Shipside, director of Rightmove.
“While the repeated shocks to the financial system have severely limited transaction numbers compared to pre-credit-crunch levels, the last four years have seen them stabilise, with an uneasy balance developing between those that have a pressing need to sell and those that have a good reason and the capability to buy.
“Sellers’ initial asking price aspirations have remained remarkably stable, and in spite of the continuing global economic unrest, the UK housing market has several unique factors that should help to insulate it from downside risks”.
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