UK house prices increased only marginally in July as subdued wage growth weighed on affordability, property website Rightmove reported Monday.
Asking prices edged up 0.1 per cent in July from June. Average asking prices of property reached GBP 316,421. On a yearly basis, house prices advanced 2.8 per cent.
Wage growth is muted, there are signs that consumer credit is tightening, and at some point there will be the first rise in mortgage interest rates for a decade or more which will come as a shock to buyers, Rightmove Director Miles Shipside, said.