UK house prices fall in July

Data released today showed that UK house prices fell 0.5% in July, their first monthly decline since March, after the coronavirus emergency tax credit was reduced for buyers at the end of June. On an annual basis, house prices in the United Kingdom fell to 10.5% in the twelve months to July, compared to 13.4% in June, which was the largest rise in 17 years, and analysts had expected that British house prices would rise on an annual basis by 12.1% in July.

The first £500,000 under the incentive scheme for any property purchase in England or Northern Ireland was exempted from stamp duty until the end of June, and work now continues on the £250,000 tax exemption until the end of September.