U.K. House Prices Slide for a Second Month in July, Halifax Says

(Bloomberg) --

U.K. house prices fell for a second month in July as the market continued to “tread water” amid economic uncertainty, mortgage lender Halifax said.

Prices declined 0.2% to an average of 236,120 pounds ($288,000), after dropping 0.4% in June, Halifax said Wednesday. In the three months to July, values rose 4.1% from a year earlier against a backdrop of low growth in the same period in 2018.

The U.K. property market has been suffering from political turmoil over the departure from the European Union, but recent figures have suggested signs of resilience. Strong wage growth and low borrowing costs are underpinning values, Halifax said.

“While economic uncertainty continues to weigh on the market, the overall trend actually remains one of comparative stability,” said Russell Galley, managing director at Halifax. “There is unlikely to be a step change in market activity until buyers and sellers see some form of resolution to the current economic uncertainty.”

To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net

To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Brian Swint, Andrew Atkinson

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