According to the Halifax, property prices in the UK fell by 0.1%

Prices for property in the UK fell 0.1% in the second quarter of 2017, however, the price growth for the year is 2.6%. According to the latest report released by Halifax at the end of June, the average price of real estate amounted to £218390.

And although the latest employment data are quite encouraging, the real estate market is planned to lower prices, as the prices demanded by sellers, is still higher than wage growth. An increase in appetite sellers, as well as additional stamp duty for second homes has led to the demand for property began to decline.

Now the market prices are holding up due to two factors – low mortgage rates and shortage of supply. Data from the Halifax show that a fall of 0.1% in the second quarter of 2017, the third consecutive quarterly drop since November 2012.

At its peak price was in March 2016, but the prices in June 2017 is still higher by 9% than in August 2007. The largest number of transactions takes place among first-time buyers afford housing, according to the government programme “help to buy”. The number of customers has doubled since 2009. The government methodically goes to the goal – first and foremost, to provide affordable housing for people with low income. Now almost half of the market represented by first-time buyers buying a property (47%) , while ten years ago these buyers were only one-third.

In the market of real estate of London the situation is different from the rest of the UK. Due to high prices in London the minimum Deposit that is needed to buy a home is £100000. Potential homeowners are not able to accumulate the same amount and go into the rental sector.

Meanwhile, the government’s efforts to meet the needs of the population in affordable housing is clearly insufficient. The construction industry needs a powerful impulse, contributing to the construction of a million apartments for the British. Otherwise, the housing shortage will continue to cause price increases in the cheap sector.

® Helen Entree. 07.07.2017 G.

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