U.K. Property Market Set to Stay Subdued as Election Deals Blow
- Political and economic uncertainty unsettling buyers: Acadata
- Prices, sales decline in most lackluster July in five years
The average cost of a home rose 1.7 percent from May to an average 200,280 pounds ($308,500), mortgage lender Halifax said on Wednesday.
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Britain’s shock election result took its toll on the property market last month and the slowdown is likely to continue through the rest of the year, according to a survey published Monday.
The most sluggish July in five years saw house prices in England and Wales slip by 0.2 percent from June to an average of 298,906 pounds ($388,000) as political and economic uncertainty unsettled buyers, the report by Acadata and LSL Property Services Plc found. It left the annual rate of increase at just 2.9 percent, the weakest since July 2013.