House prices took another dip in July by 0.2%, taking the annual rate of house price inflation down to 2.9% – the lowest since July 2013. (source: Your Move house price index)
This is the fourth successive month of price falls and takes the average UK house price to £298,906.
The drop could mainly be due to the normal summer slowdown, may it may also be down to a big drop in buy to let purchases.
Some regions are still preforming strongly and the annual prices are still rising positively with London and East of England continue to show strong annual growth.
Although we currently have a weak market place we do not believe this will continue over the medium to long term, the overall strength of our market will see growth stabilise again over the remainder of the year.