MARKET OVERVIEW IN UK
A U.K. housing-market estimate underlined the first decline in prices for a year in July as demand for homes fell, a sign the economic recovery may be losing steam.
The number of real-estate agents and surveyors saying prices fell exceeded those reporting gains by 8 percentage points, compared with a positive reading of 8 in June. A third more real-estate agents reported an increase rather than a drop in properties for sale.
The housing market is faltering just as services and manufacturing also show signs of weakening after the economy’s fastest quarter of expansion for four years.
Annual house-price inflation slowed to 9.9 percent in June from 11 percent the previous month, the Department for Communities and Local Government said today. Values were unchanged from May.
The forward-looking price expectations numbers propose that this softer trend will continue through the second half.
A separate report by the National Association of Estate Agents showed the number of people looking for a home rose in July. The total of house hunters registered per branch of estate agent increased on average to 292 in July from 279 the previous month, the NAEA said in an e-mailed statement today.
While the economy grew 1.1 percent in the second quarter, almost four times the pace of the previous three months, surveys by Market Economics and the Chartered Institute of Purchasing and Supply suggest expansion slowed in July.
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