UK House Prices Fall in June as Economic Worries Weigh on Consumers

Interactive Investor quoted Rightmove data as saying that house prices in the UK fell 0.2% in June as sluggish economic growth, high inflation and the Bank of England‘s tightening monetary policy put pressure on the housing market, as mortgage costs rose and consumer budgets were constrained. extrusion.
Victoria Scholar, head of investments at Interactive, said in a market commentary that homeowners’ apparent reluctance to list properties amid uncertainty has limited the supply of condos and homes for sale, but what is preventing a sharper downturn in the housing market is the There is a chronic undersupply of housing in the UK, a problem exacerbated by rising cost inflation.