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Tuesday 22nd of June 2010
June 20, 2010    

Annual house price growth drops back to 7.8%

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by Gill Montia

In its latest overview of the UK property market, Assetz has reported that the average value of a home was 7.8% higher in May than a year earlier.

The firm, which compiles monthly average figures from five of the major house price indices, calculates that the annual rate of growth dropped back from 9.1% in April, taking the average house price down to £200,347.

However, Assetz points out that the six-month rolling average continues to indicate a period of market stability, with figures “maintained at a sustainable level” and fluctuating between only 1% and 2% for the year so far.

According to the firm: “This is in stark contrast to data recorded during 2009 when the market began its correction.”

Chief executive, Stuart Law, comments: “Since the start of 2010, the annualised House Price Watch data has been pointing towards a more stable outlook for the market and this is now being reflected in the monthly figures recorded across the indices.”

He adds: “Average house prices are now less than 7% below the peak recorded in 2007 and they have climbed by over 3% for the year to date.”

Looking ahead, Mr Law expects the figure to continue to edge up slowly, to 5% growth for 2010 as a whole.

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