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According to analysts at RBS, the UK housing market is clearly losing momentum as residential prices posted a 3.1% y-o-y increase in July, a five year low.

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“Weakness remains most evident in London – prices are slightly lower than they were 12 month ago. However, there are signs of a more broad-based slowdown taking place. Witness slower house price growth in the East & West Midlands, the East of England, Scotland and Wales in early Q3. In contrast, residential prices remain relatively steady in the South West, North East/West as well as Yorkshire and Humberside. But this may prove short-lived.”