UK House Prices Decline for the First Time in Six Months [BNN Bloomberg (Canada)]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: BNN Bloomberg
Halifax said that the average house price dropped 1% to £288,430 ($364,160) last month. That followed a 0.3% gain in the month of February and small increases in each of the previous four months. It chimes with an unexpected slide in prices in Nationwide Building Society's measure earlier this week, which economists interpreted as an interruption in the overall trend toward little change or mild gains in the market this year until the Bank of England cuts interest rates. From a year ago, Halifax said prices have risen 0.3%. “The direction of travel for the property market is currently sideways,” said Tom Bill, head of UK residential research at Knight Frank. “Once a rate cut appears firmly on the horizon and more mortgage rates start with a 3, we expect stronger demand to push UK prices 3% higher this year.” Other indicators have pointed to continued growth for property prices, with demand improving from buyers and sellers also putting more places up for sale. The market is res
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