{"id":118852,"date":"2021-07-28T08:12:03","date_gmt":"2021-07-28T08:12:03","guid":{"rendered":"https:\/\/fin2me.com\/?p=118852"},"modified":"2021-07-28T08:12:03","modified_gmt":"2021-07-28T08:12:03","slug":"uk-house-prices-fall-in-july-as-tax-cut-is-scaled-back-nationwide","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/uk-house-prices-fall-in-july-as-tax-cut-is-scaled-back-nationwide\/","title":{"rendered":"UK house prices fall in July as tax cut is scaled back – Nationwide"},"content":{"rendered":"

LONDON (Reuters) – British house prices fell in July after a coronavirus emergency tax break for buyers was scaled back at the end of June but demand for bigger homes as a result of the pandemic is likely to support the market, mortgage lender Nationwide said.<\/p>

FILE PHOTO: New residential homes are seen at a housing estate in Aylesbury, Britain, February 7, 2017. REUTERS\/Eddie Keogh<\/figcaption>

In monthly terms, house prices fell by 0.5% from June, their first fall since March, slowing the annual increase to 10.5% from June\u2019s leap of 13.4% which was the steepest rise in 17 years.<\/p>\n

Economists polled by Reuters had expected a less marked cooling of the market, predicting prices would rise by 0.6% from June and by 12.1% in annual terms.<\/p>\n

Nationwide\u2019s chief economist Robert Gardner said the rush to qualify for the full tax break – housing transactions hit a record in June, according to official data – meant savings from the incentive had been dwarfed by the surge in house prices.<\/p>\n

Under the incentive scheme, the first 500,000 pounds ($693,850.00) of any property purchase in England or Northern Ireland were exempt from the stamp duty tax until the end of June. A 250,000 pound tax-free allowance is now running until the end of September<\/p>\n

Gardner said July\u2019s slowdown had been expected after the run-up in prices which rose by an average of 1.6% a month over the April-to-June period, more than six times the average monthly gain during the five years before the pandemic.<\/p>\n

\u201cUnderlying demand is likely to remain solid in the near term,\u201d he said.<\/p>\n

Improved consumer confidence, low borrowing costs and a shortage of homes on the market would provide support for house prices despite an expected rise in unemployment as the government scales back its pandemic jobs support programme.<\/p>\n

\u201cEven if the labour market does weaken, there is also scope for shifts in housing preferences as a result of the pandemic to continue to support activity for some time yet,\u201d Gardner said.<\/p>\n

($1 = 0.7206 pounds)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – British house prices fell in July after a coronavirus emergency tax break for buyers was scaled back at the end of June […]<\/p>\n","protected":false},"author":3,"featured_media":118851,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nUK house prices fall in July as tax cut is scaled back - Nationwide - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/uk-house-prices-fall-in-july-as-tax-cut-is-scaled-back-nationwide\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK house prices fall in July as tax cut is scaled back - Nationwide - Fin2me\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – British house prices fell in July after a coronavirus emergency tax break for buyers was scaled back at the end of June [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/uk-house-prices-fall-in-july-as-tax-cut-is-scaled-back-nationwide\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-28T08:12:03+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/07\/UK-house-prices-fall-in-July-as-tax-cut-is-scaled-back-Nationwide.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/uk-house-prices-fall-in-july-as-tax-cut-is-scaled-back-nationwide\/\",\"url\":\"https:\/\/fin2me.com\/markets\/uk-house-prices-fall-in-july-as-tax-cut-is-scaled-back-nationwide\/\",\"name\":\"UK house prices fall in July as tax cut is scaled back - 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