According to e recent house prices survey conducted by housing intelligence business Hometrack, UK house prices in July marked the first fall in the house prices in the last 15 months.

The Monday-released findings of the survey disclosed that the 0.1 percent fall in the UK house prices during the month in July indicated a 2.0 percent increase in the house prices year-on-year. In comparison, the 0.1 percent monthly gain in June marked a 2.1 percent increase on the year.

As per the Hometrack statistics, the demand in July, as gauged by the number of buyers registered with estate agents, dropped by 1.3 percent on the month; where as the supply – that includes the number of properties listed for sale – witnesses a 3.6 percent increase.

Noting that house asking prices apparently tended to be a lot more resilient than actual sales prices, Hometrack’s Director of Research, Richard Donnell, said that the while the levels of demand for housing have been slowing over the last five months, they dropped by a triggering 1.3 percent in July - marking the first monthly fall in house prices ever since May 2009.

Donnell also added: “Further modest price falls are inevitable over the second half of the year as the volume of homes for sale continues to rise and demand remains weak on the back of concerns over the wider economic outlook and uncertainty over the impact of recently announced cuts in government spending.”