UK House prices are slowing

It has been reported that 7 out of 10 regions across the UK have recorded house price falls in June reported by the Land Registry.In comparison house prices are still 6.4% higher when compared to the same period in June 2013. The average price of a home is currently at £172,011.The Land Registry report does show that the largest rise was in the West Midlands in June, up 1.9% and the largest fall was in Yorkshire which feel by 1.3%.Of course the largest rise was in London, the year on year figure was up a staggering 16.4%, the slowest yearly rise was in the North East area of England, with a slow 0.8% increase.Many forecasters are suggesting that the UK house prices will start to slow over the summer period, house prices typically rise in Spring and then slow over the summer holiday period.One commentator suggested that the talk of an interest rate rise was starting to affect house buyers confidence, but people are still keen to buy property.If you found this economy blog interesting you can find more informative blog posts in our economy blog section here.