House prices fall by 0.1% in July

House prices have seen its first decline in 7 months mainly due to the rising gap between demand and supply as the no. of potential buyers continue to shrink. The number of potential buyers fell by 2.4% while the number of houses on sale rose by 1.4%. The largest gap was seen in the South-east where potential buyers shrunk by 3.4%.

While the overall market fell by 0.1%, London was the only city to register increase in house prices, in July, by 1%. It should also be noted that London had an above-average fall of 2.4% in number of potential buyers. While house prices in North-east England were worst hit with a price fall of 0.5%

Usually the property markets shrinks in summer but this year the fall in prices has come earlier than expected. And experts believe that the prices will continue to fall in the coming months.

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