UK housing market ‘flatlines’

The housing market is “pretty much flatlining” amid political uncertainty, the Royal Institution of Chartered Surveyors’ said in its report for July. Some 69% of property professionals said that sales prices were coming in below asking prices for homes marketed at more than £1m. Meanwhile for properties on the market for up to £500,000, 59% of surveyors reported that sales prices were at least level with asking prices. A net balance of 9% of surveyors reported house prices falling rather than increasing. Separate data from Halifax showed that average house prices were “treading water” in July, slipping 0.2% month on month. The average price of a home in the UK now stands at £236,000.

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