Property market slowdown continues

| February 11, 2008 | 0 Comments

December figures from the Department for Communities and Local Government show a slight increase in house prices, however signs of an overall slowdown of the market continue.

In London annual house price inflation fell for the second consecutive month, to 13.5%, compared with 14.5% in November.

UK annual house price inflation stood at 9.1% in December, down from 9.7% in November.

For the three months to the end of December property inflation stood at 10.0%; in London, 15.2%.

In December, average prices for detached homes rose 1.0%, terraced houses 0.6%, flats 0.5% and semi-detached houses 0.2%. These gains were offset by a 2.3% decrease in the price of bungalows.

Taking a regional perspective, England, Scotland and Northern Ireland all saw decreases in annual house price inflation in December.

In England the rate fell to 9.0% (9.3%); in Scotland to10.8% (14.1%) and in Northern Ireland to 12.0% (17.4%). Wales saw a rise, from 6.0% in November, to 6.1% in December.

During December annual property inflation rose in four English regions and fell in five. The rate increased in London to 13.5%; South East 11.0%; and the East 8.4%.

Regions recording a December downturn are as follows: South West down to 8.0%, East Midlands 7.4% and the North West 6.7%.

Lowest annual property inflation rates were in Yorkshire and the Humber 5.8%; North East 4.4% and the West Midlands 4.0%.

For first-time buyers, December saw the UK house price inflation rate fall from 9.8% to 9.5% (average price £166,734).

For those selling and buying a new home it decreased from 9.7% to 9% (average price £245.522).

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