London still bucking property trends

30-Jul-2007

The latest house price index from the Land Registry has shown that price growth in the UK slowed to just 0.1 per cent in June, but first time buyers in London continued to see prices increase out of their reach.

Price growth in London last month stood at 1.5 per cent, the study shows, with the annualised rate of inflation in the capital now at 15.8 per cent in comparison to a national average of 9.1 per cent.

However, the Your Move price index has suggested that more affordable housing may be around the corner for first time buyers, with the firm suggesting that prices will begin to fall next month.

"We predict Land Registry data will show an increase in prices again in July – the last gasp of the price boom – before starting to start drop back slightly in August," commented managing director David Newnes.

"September is also likely to be a more sober month as homebuyers start to ask for larger discounts relative to asking price," Mr Newnes added.

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