The UK property market experienced a recent decline in prices, with a dip of 0.6% in June 2014.
This comes in stark contrast to the previous month, where in May prices leapt by 4%, the fastest monthly pace in over 11 years. As a result this led to Economist, polled by Reuters, making an inaccurate prediction that house prices would rise by 0.2% in June.
Furthermore, Economist at Commerzbank Peter Dixon, commented on the fact that “We’re probably not far off the peak. There is evidence to suggest the housing market is generally cooling.”
However, on the contrary, a survey from Nationwide showed that house prices have risen at their fastest rate in over nine years, led by surging prices in London, but it seems that this may all be coming to an end.