First time buyers see prices rise again

02-Aug-2007

House prices rose by 0.7 per cent in July, the Halifax House Price Index has asserted, up on June's figures but in line with an underlying downwards trend.

First home buyers' belief that price increases are grinding to a halt, boosted by recent figures from Nationwide and Hometrack, both of which showed that price growth in July was just 0.1 per cent, are likely to be tempered by the Halifax figure, which is up on the 0.4 per cent rise reported last month.

Halifax, however, cites the three-month growth rate of 1.3 per cent (the smallest such rise since last August) as more reliable evidence of the direction of the market as a whole.

"This is the fourth consecutive month that house prices have risen by less than 1.0 per cent, confirming that house price inflation is slowing," advised Halifax chief economist Martin Ellis.

"Sound economic fundamentals, high levels of employment and a shortage in the number of properties available for sale, particularly in London and the south-east, will, however, continue to support house prices," Mr Ellis added.

The Halifax study added that annual house price growth was now 11.2 per cent, though the Land Registry reported earlier this week that its own figures show an annualised rate of growth of 9.1 per cent.

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