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The UK property market is showing signs of slowing down as rising costs bite, according to new data from the National Association of Estate Agents (NAEA).

The NAEA's monthly index showed that house prices in England and Wales fell by 0.3% in July, the first month-on-month decline since January. The average house price in England and Wales is now ￡284,753.

The slowdown is driven by several factors, including rising interest rates, the cost of living crisis, and the ongoing uncertainty caused by the war in Ukraine.

Rising interest rates are making it more expensive to borrow money, which is making it harder for people to afford to buy a home. The Bank of England has raised interest rates five times in a row since December, and it is expected to raise rates again in the coming months.

The cost of living crisis is also putting pressure on household budgets. Inflation is at a 40-year high, and this is making it harder for people to afford all of their living expenses, including their mortgage payments.

The ongoing uncertainty caused by the war in Ukraine is also weighing on the housing market. The battle is causing economic uncertainty and disrupting supply chains, making it more difficult for developers to build homes.

The slowdown in the UK property market is likely to continue in the coming months. However, the market is still relatively strong. There is a shortage of homes on the market, and demand for housing remains high. This means the housing market is unlikely to crash, but it will likely cool down shortly.

Here are some tips for homeowners and potential buyers in the current market:

• If you are a homeowner, consider selling your home before the market cools.
• If you are a potential buyer, be prepared to pay a lower price for a home. Consider buying a smaller or less expensive home.
• Be patient, and don't rush into a purchase. The housing market will likely remain volatile soon, so taking your time and making the right decision is essential.

The UK property market is showing signs of slowing down as rising costs bite. Homeowners and potential buyers should be prepared for a more challenging market in the months ahead.

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