House price growth slows in March

26-Apr-2007

In news which may be of interest to first time home buyers, house price growth fell last month, it has emerged.

According to AWD moneyextra, with growth levels last month falling to their lowest point since October 2006, house prices increased at an annualised rate of 4.8 per cent, which may interest first time home buyers concerned about property price rises.

"It looks like the mortgage market is beginning to slow down," said Robin Amlot, a representative from AWD moneyextra.

"The prospect of higher interest rates on the way and talk of [the] base rate rising as high as 7.5 per cent next year will have a dampening effect on the housing market," he added.

Indeed, when property price increases for first time home buyers are considered in isolation, average house prices rose by 5.9 per cent.

To find out about the different ways of financing a first home, see our section ‘Affording Your First Home’.

AWD moneyextra offers comparisons on a number of products, including credit cards and mortgages.

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