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Financial News: UK House Prices Fall For Second Straight Month:

UK House Prices Fall For Second Straight Month: Halifax

08/07/2019 - 04:47:00 (RTTNews)

(RTTNews) - UK house prices decreased for the second straight month in July, figures from the Lloyds Bank subsidiary Halifax and IHS Markit showed Wednesday.

House prices fell unexpectedly by 0.2 percent month-on-month in July, after falling 0.4 percent in June. This was the second consecutive drop in prices. Economists had forecast a 0.3 percent rise.

In three months to July, house prices were 4.1 percent higher than in the same three months a year earlier. This was the lowest since March, when prices gained 2.6 percent. Prices were expected to grow 4.4 percent.

July's annual increase of 4.1 percent comes against the backdrop of relatively low growth in the corresponding period in 2018, which has had an impact on year-on-year comparisons.

It's worth remembering that while economic uncertainty continues to weigh on the market, the overall trend actually remains one of comparative stability, with average prices down by less than GBP 600 over the last three months, Russell Galley, managing director at Halifax, said.

"In the longer-term, we believe there is unlikely to be a step change in market activity until buyers and sellers see some form of resolution to the current economic uncertainty," Galley added.

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