Residential Conveyancing News - Housing market 'gently softening'
News
UK house prices rose slightly in July but "the overall picture remains one of a gently softening market", according to the latest survey by Nationwide.
Prices rose by 0.2% in July, with the average house costing £158,348.
However, the annual rate of house price inflation fell to 2.6%, the lowest rate since May 1996, the society said.
The Nationwide said there were signs that housing market activity was recovering, although transaction levels are still well down on last year.
It noted that estate agents had reported buyers returning to the market and sellers willing to negotiate on prices.
Wages catching up
The Nationwide said that the annual rate of house price growth had now fallen below wage growth for the first time since May 1996.
It also said that a cut in interest rates - which is expected by many analysts when the Bank of England meets next week - would provide some stimulus to the market.
However, it added that a rate cut "is unlikely to cause an acceleration in the rate of house price growth".
The UK property market has been cooling steadily over the past year, but most housing experts do not expect a dramatic slump in prices.
For the full version of this story, please go to the BBC News website.
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