House prices in July have fallen slightly by 0.9%, pushing down annual house price growth for the UK to 7.3% and the average UK house price now sits at £233,254, according to the estate agent Haart.

Paul Smith, CEO of haart, the UK’s largest independent estate agent comments:

“Despite last month’s political turmoil, it seems buyers aren’t being deterred by the noise. We’ve actually seen a bounce in transactions in July, with a lot of buyers pressing ahead with their purchase now that the referendum is over. Prices have dropped slightly by 0.9% across the UK, and have fallen 5.6% in London, showing that sellers are cutting deals to bypass the uncertainty in the wider economy, and plucky buyers are taking advantage. Nevertheless, prices in London and across the UK both remain significantly higher than they were at the same time last year.

“Whilst there is certainly still some uncertainty in the property market and the wider economy, the announcement of a cut in interest rates will see the country’s cheapest ever mortgage rates falling even further, and it won’t be long before the market bounces back. The desire for people to own their own home or move up the ladder is as strong as ever, and we have every reason to be confident about the property market’s long-term prospects. The only thing we have to fear post-Brexit is fear itself.”

Source: Haart