Cornwall news South West house prices soar above national average UK news

PremierLeague-News.Com - Cornwall - Despite a year of exceptional growth, July saw a slight drop in the rate that house prices are increasing

Cornwall news South West house prices soar above national average UK news

PremierLeague-News.Com - Cornwall - Despite a year of exceptional growth, July saw a slight drop in the rate that house prices are increasing

Cornwall news South West house prices soar above national average UK news
05 August 2022 - 10:46

PremierLeague-News.Com - Breaking Sport Transfer News ! The average house price in the South West has been recorded at £310,846 in July, marking a 14.3% annual increase in comparison to the national average of 11.8%. This comes as the average UK house prices dropped slightly in July, however, down from a record high the previous month. This is the first month-on-month dip in UK house prices since June last year, according to an index. Following a year of exceptionally strong growth in the real estate market, house prices fell by 0.1% month on month in July, Halifax has confirmed. In cash terms, this represents a £365 month-on-month drop from June's record average high of £293,586. The annual trend does show that the growth is slowing, as the annual rate of price growth across the UK slowed to 11.8%, down from 12.5% in June. A typical UK property now costs £293,221. Read more: When does the Omaze Cornwall House Draw finish? Winner of £3m home will be chosen today In the South West, the annual rate of price growth is higher than the national average at 14.3%, just shy of Wales, the area with the highest annual increase at 14.7%.

News source = PremierLeague-News.Com

. While we shouldn’t read too much into any single month, especially as the fall is only fractional, a slowdown in annual house price growth has been expected for some time. “Looking ahead, house prices are likely to come under more pressure as those market tailwinds fade further and the headwinds of rising interest rates and increased living costs take a firmer hold. Therefore a slowing of annual house price inflation still seems the most likely scenario.” This comes as the Bank of England raised the base rate by 0.50 percentage points on Thursday, taking it from 1.25% to 1.75%, marking the biggest single rate jump since 1995. It's estimated that this will add roughly £50 per month to average tracker mortgage costs, according to calculations from trade association UK Finance. A package of Government cost-of-living support is being delivered in the months ahead, with households facing the prospect of soaring bills and shrinking real incomes for some time to come. Households’ post-tax incomes are expected to fall 1.5% this year and 2.25% the next. This would be the first time since the 1960s that household incomes have fallen for two consecutive years. Read more: Cornwall Council bids for £17 million from Levelling Up fund to regenerate Helston town centre Fun family-friendly things to do with the kids in Cornwall this weekend 'Hidden gem' Tideford restaurant wins praise in glowing TripAdvisor review Millions to receive DWP disability cost of living payment next month DVLA warns older drivers must renew their licence or risk a hefty fine

Source = PremierLeague-News.Com - Cornwall

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