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House price growth slows in January

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by Elaine Frei

House price growth slows in January

The Royal Institution of Chartered Surveyors reported on Thursday that 28 percent more surveyors reported a rise in house prices in January. In December, 36.6 percent of surveyors reported higher prices, making January the fourth month in a row of slower growth in the price of houses. The new figures reinforce recent data from the Bank of England that showed fewer mortgage approvals recently.

Best growth came in London and in the south of England. The housing market in Scotland and Northern Ireland also remain active, but gains in prices have slowed down significantly in the north of England and in the Midlands. Prices are said to be remaining as high as they are because supply is low.

Enquiries from new buyers was also down in the first month of the year, and this decline is expected to continue in the foreseeable future. Gains in the UK interest rate was cited as one reason why fewer people are looking to buy a house.

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News posted: February 15, 2007

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