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Housing market cools in August

According to a report produced by Halifax, the housing market in the UK calmed down in the latter part of the summer after an unusually active July.

Rates for monthly and annual growth both slowed significantly. In August, the month-on-month increase was only 0.1 per cent. In the same month, a comparison with last year showed a figure of 9.7 per cent, which was down from the 10.2 per cent statistic recorded in July.

There was significant regional variation in market performance, as might have been expected. This is because the London property market has diverged from that of much of the rest of the country in recent times, which in part been due to a shortage of supply in the capital. An influx of wealth from home and abroad has also transformed the situation.

However, there has been a knock-on effect from London’s price rises; some homeowners have relocated to other southern areas in order to cash in on the value which their city-based properties have acquired.

Elsewhere, the national economic recovery has led to more life in the regional housing markets. It has been suggested that any significant future market cooling will have little impact outside London. Hardwood flooring in Cheshire and other counties may be used to keep up the levels of interest in property, as well as other renovations.

Adam Challis, a researcher at the property firm JLL, has said:

“Sellers need to consider more traditional approaches to achieving a sale; prepare the property for viewings, deal with minor imperfections and set a realistic price.”

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