House prices slide

House prices have fallen for the first time this year, according to the latest figures from Rightmove. Would-be house sellers lowered asking prices in July, amid stricter mortgage rules and increasing fears of an early interest rate rise. The average asking price on the property portal has fallen by 0.8% in the month to £270,159. Rightmove director Miles Shipside said confidence among buyers may “have taken a knock with suggestions that mortgages are becoming harder to get and repayments may get more costly sooner than originally anticipated.” The fall in asking prices was widespread across England and Wales, and included the south-east and Greater London. Only the north-west, the West Midlands and East Anglia recorded a rise. The north of England and the east Midlands suffered the biggest declines of 1.9% each, and house prices in Greater London dropped 0.4%. However, Rightmove increased its growth forecast for house prices this year as a whole to 8%, the top end of the 6% to 8% range set at the start of the year.