Annual house price inflation slows to 0.1%

| July 28, 2008 | 0 Comments
Annual house price inflation slows to 0.1%

The week has begun with a flurry of news on UK house prices.

Housing intelligence firm, Hometrack, has reported a 4.4% drop in prices in July and the National Housing Federation, which represents housing associations in England, is forecasting that a shortage of supply will push prices up 25% by 2013, although the turnaround will not occur this year or next.

In addition, the Land Registry has published figures for June and while such data may seem old in the UK’s turbulent property market, the registry’s figures accurately record the direction of prices because they are based on completed transactions.

According to the Government body, house prices in England and Wales fell by 1% in June, from May.

The average price of a home in England and Wales stood at £180,781.

The decline took the annual rate of house price inflation to 0.1% and represented the tenth consecutive month in which the annual rate of growth had slowed.

House prices in London fell by 2.5% during June, taking the average cost of a home in the capital to £345,136.

The North East was the only region to see a rise in prices, with the average home putting on a surprising 4.1%.

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