U.K. House Prices Decline

 
LONDON—U.K. house prices fell in July for the first time in a year as the number of new properties for sale outpaced demand from more cautious buyers and further price declines look likely over the coming three months, the Royal Institution of Chartered Surveyors said Tuesday.

A separate survey of retail sales by the British Retail Consortium added another pessimistic note: Sales volumes grew at a slower pace in July than in June. The BRC attributed the slowdown to uncertainty over job security in the wake of the recently announced deep government spending cuts, which weighed on sales of larger-ticket items.

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Tags: cuts, decline, demand, government, home, house, price, property, retail, surveyor

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