The price paid for properties in the UK has remained largely static in June in terms of monthly price growth. However, data shows that year-on-year, prices are still climbing at a more impressive rate.
According to the latest property market index released by Home.co.uk, the average price of property across the UK has climbed by 0.2 per cent in June. It shows a continued period of relatively flat growth in the 2017, as the UK continues to feel the pinch in relation to worries around Brexit negotiations and what they will mean for the property market.
However, when compared to the same time last year, the average price of houses in the UK has grown by a much more impressive 3.3 per cent. It shows the underlying health in the market and the fact that even when the sector enjoys a relatively slow period, the long-term prospects remain far stronger.
It's a different story in London, however, where flat price growth is a much longer term reality. According to the report, the capital experienced rises of just 0.1 per cent in June this year, while on an annual basis, prices have remained much the same since July last year.
One of the issues is that there are fewer buyers looking to get onto the ladder at a time when they are uncertain about the political position of the UK in times to come. This comes at the same time as there has been a five per cent leap in available homes, pushing price growth down.
Doug Shephard, director of Home.co.uk, said: "The UK property market has clearly entered a period of stagflation. Our data suggests that home price growth has been lower than inflation for six consecutive months," adding that it's the regions that continue to push the market forward, as opposed to London.