House prices in the U.K. fell for the first time this year in July, but 2014 still remains the “year to move”, according to Rightmove. In its latest House Price Index released on Monday, Rightmove reveals that U.K. house prices fell 0.8 percent in July, leading to a fall in the annual growth rate to 6.5 percent from 7.7 percent in June.
“There is evidence that the frenetic activity seen in some areas during the first half of the year is cooling in part due to stricter mortgage eligibility criteria and previously pent-up demand having now been satisfied,” the report states.
High house price increases in the first half of the year drew the attention of both the IMF and the European Union, and fueled fears of a housing bubble, prompting the Bank of England to implement new measures and toughen its rhetoric to cool down the market.
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