Study confirms price slowdown

07-Sep-2007

The latest house price index from the Financial Times and Acadametrics has found that house price growth stood at just 0.5 per cent in August, up slightly from a 0.3 per cent figure seen in July but still below previous levels.

The annual rate of change remained at 9.3 per cent for the second consecutive month, the study found, but this figure was skewed somewhat by growth in London.

Prices in the capital are currently rising by 16.8 per cent year-on-year, with the rest of the country seeing price rises at substantially lower levels.

"Regional differences in England are considerable, and stripping London out of the analysis would bring the annual rate of house price inflation down to 7.2 per cent," commented Acadametrics chairman Dr Peter Williams.

"We note the London effect is getting greater over time reflecting the fact that the market there is out of kilter with the rest of England and Wales. The London ‘effect’ is now over two percentage points," Dr Williams added.

The average price of a home in London is now over £300,000, Halifax asserted.

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