LONDON (Reuters) - House prices in England and Wales ticked down on the month in August and weak consumer spending is likely to weigh on demand and prices for the rest of the year, property data firm Hometrack said on Monday.
House prices fell 0.1 percent on the month in August, leaving them 3.7 percent below the August 2010 level, Hometrack said.
“Weak consumer sentiment, pressure on household incomes and the uncertain economic outlook are likely to see demand weaken further over the remainder of the year,” it said.
“This is likely to accelerate the downward pressure on prices over the autumn.”
Reporting by Sven Egenter; Editing by Ruth Pitchford