UK Housing Prices Drop, But Still Ahead of Start of Year

The housing market revival continued in August despite the first dip in sellers’ asking prices this year, a property website has reported.

Asking prices edged down by 1.8% month-on-month to £249,199 on average – but a string of price increases over the last seven months means they are still £20,000 higher than at the start of 2013, Rightmove said.

In further signs of the market gathering pace, asking prices on flats reached a record high at £209,652. Flats are in strong demand due to high numbers of buy-to-let investors looking for decent returns and a recent surge in first-time buyers, who are finding it easier to access a mortgage, entering the market.

Asking prices on flats are up 5.9% year-on-year, indicating that first-time buyers, who traditionally buy this type of property, will potentially have to stretch themselves further to get on the housing ladder.

via The Guardian

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