House prices fall for first time in 2014
Fewer buyers in the market in July has seen a fall in asking prices six times in the past ten years
Would-be house sellers have dropped asking prices this month for the first time in 2014, according to property website Rightmove, amid stricter mortgage rules and increasing fears of an early interest rate rise.
The average asking price on Rightmove has fallen by 0.8 per cent in July to £270,159 – the first monthly fall recorded by the website since December 2013.
City analysts are pricing in an earlier-than-expected first rate rise in five years from the record low 0.5 per cent in November, while mortgage rules have been tightened in a bid to prevent a dangerous house price bubble.
Rightmove director Miles Shipside said confidence among buyers may “have taken a knock with suggestions that mortgages are becoming harder to get and repayments may get more costly sooner than originally anticipated.”
However, Rightmove said the significance of the fall “should not be overstated” and highlighted the fact that July has seen a fall in asking prices six times out of the last ten years.
The website also said it now expects asking prices to rise by 8 per cent in 2014 with July’s asking price figure 6.5 per cent higher than a year ago.
- 1 Tidal launch: The most pretentious lines from Alicia Keys' valedictory speech
- 2 Britain First 'acting like Ukip henchmen' by invading meeting of activists in revenge for pub protest against Nigel Farage
- 3 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 4 Tidal: Jay Z's Spotify rival streaming service criticised for making wealthy artists even richer
- 5 Brixton squat flats now costing up to £3k per month show how out of control rent is in London
Britain First 'acting like Ukip henchmen' by invading meeting of activists in revenge for pub protest against Nigel Farage
Costa Concordia: Shipment of Mob drugs was hidden aboard cruise liner when it hit rocks off Italian coast, investigators say
Brixton squat flats now costing up to £3k per month show how out of control rent is in London
A new (old) cure for MRSA? Revolting recipe from the Dark Ages may be key to defeat infection
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
iJobs Money & Business
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...
£45,000 - £55,000: Loren Hughes: Are you looking for a new opportunity that wi...
Circa £45,000-£50,000 + benefits: Sheridan Maine: Are you a newly qualified ac...