House Prices Fall First Time This Year Due To Tougher Mortgage Tests

The asking price of homes in the UK has fallen for the first time this year, adding to the sense that the property market is cooling.

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Between June and July the price of homes put up for sale fell by 0.8 per cent nationwide, and by almost 2 per cent in parts of the Midlands and the north of England.

Experts blame the impact of tougher tests for mortgage applications, making it harder to get loans, as well as the World Cup and summer holidays distracting buyers from splashing out on a new home.

Average asking prices fell by 0.8 per cent between June and July, according to property website Rightmove

Banks have been told to carry out more intense checks on people applying for mortgages, including their ability to cope with a rise in interest rates.

Making it more difficult to get a loan has reduced the number of potential buyers, forcing sellers to consider cutting their asking price.

The latest house price index from property website Rightmove shows asking prices are down 0.8 per cent, or £2,116.

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