Asking prices in the UK appear to be falling at this point of the year as firmer borrowing rules, and the threat of interest rate increases, help chill the boiling housing market.
Rightmove have published stats to show that the advertised cost of property has fallen by 0.8pc between June and July of 2014.
It’s been suggested that factors such as mortgages are being more difficult to obtain and prices have risen beyond affordability levels. The World Cup has also been blamed for distracting would be buyers too.
The new Governor of the BoE introduced measures to stop careless lending and to reduce increasing household indebtedness recently too by recommending to banks and building societies that they should only allow 15pc of their total loans at x 4.5 times the borrowers’ income and they also brought in a interest rate stress test for borrowers. This has already led to the slowing down of the mortgage approval rates.