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House price growth hits nine-year low

Thursday, 28 July 2005 12:00 AM

Annual house price growth in July was lower than in any month since May 1996, figures from Nationwide show.

Prices were just 2.6 per cent higher than July 2004, the lowest annual growth figures for over nine years.

This time last year annual house price inflation was over 20 per cent, showing just how much the market has slowed down in the last 12 months.

Sellers will, however, be cheered slightly by news that prices rose 0.2 per cent in July cancelling out June's 0.2 per cent fall.

The average property in the UK is now worth £158,348 - just £4,049 more than in July last year.

Fionnuala Earley, Nationwide's group economist, said the data was further evidence of a "gently softening market".

Other indicators offer a note of optimism. House purchase approvals have picked up since the start of the year, while estate agents report increased buyer activity and some softening on the part of sellers with respect to expectations on sales prices.

Additionally, most analysts predict that interest rates are about to be cut.

"A rate cut would provide some stimulus to the housing market, through its impact on affordability," Ms Earley added.

The Bank of England's Monetary Policy Committee meets next on the 3rd and 4th of August.

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