House price slowdown continues by Finance News Bulletin

Published: 01/01/08

Evidence of a possessions slowdown has continued with official figures showing the average home increasing in worth by just 01% in OctoberThe industry has issued a grim caution on mortgage lending What does it mean for you

Editor's commentThe latest house price account by the Department for Communities showed the average UK home rising in worth by £220 to £220,195, in OctoberThe figures which lag behind many other reports by one month have supported information showing the property market has slowed down substantiallyLast week Britain's main mortgage lender Halifax said that prices had fallen by 11% in November, following a 0

6% fall in OctoberMeanwhile, Nationwide's directory showed the biggest monthly drop in prices for 12 years in November, with the standard home dipping by 08%The Government figures showed the standard price of a level falling by 0

7% during October, with the price of all types of property edging ahead by just 01%Despite the sluggish growth, yearly house price inflation rose to 113% for the day to the end of October, up from 10

8% during the previous monthThis was because October's 01% enlargement contrasted with a 04% fall during the same period of 2006

Howard Archer, leader UK and European economist at Global imminent, said: 'While modest annual falls in house prices are highly possible in 2008 and prices seem put to remain pressurised for an extended era, at this stage we do not expect to see a sharp alteration'We believe that the disadvantage for house prices will be limited by a lack of supply, the increasing number of households, far above the ground employment and the fact that few vendors are at present having to sell for 'distressed' reasons'The Communities index reported mixed enlargement across the regions, with four seeing a fall in yearly house cost inflation and eight seeing an increaseAnnual growth is now lowest in the North East at now 5

2%, followed by the East Midlands at 64%, with the rate moribund in both regions during the month, along with Yorkshire and HumbersideNorthern Ireland also saying a decrease in annual house price inflation, but at 325%, it still has the strongest year-on-year enlargement in the UK, followed by London at 17

7%, up from 165% in SeptemberBoth Scotland and the South East still have double-digit house price price rises First-time buyers are now paying an average of £166,764 in the direction of get on in the direction of the property ladder, 10

9% more than in October last year, although this was an easing in the annual change of 118% they faced in September Homemovers salaried around £246,408, 114% more than in October last year

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