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FT: House prices slightly up in July

Friday, 11 August 2006 12:00 AM

House prices rose slightly in July after a flat market in the previous two months, according to data published today.

A 0.2 per cent rise in July, coming after June's unchanged figures, means house prices are now 5.4 per cent above last year's level, according to the FT house price index.

The average house price is now £203,197 nationally, but this ranges from about £142,000 in the north of England to £318,000 in Greater London.

At 9.6 per cent annual house price growth, measured over the last three months, is highest in London and lowest in the East Midlands at 1.7 per cent.

However, last week's 0.25 per cent rise in interest rates is likely to have the biggest impact in London and the south where homeowners tend to have larger mortgages than in the rest of the country.

Gary Styles, economics director at Acadametrics which compiles the FT index, said: "Monthly house price growth has eased significantly in the last three months as concerns about indebtedness, interest rates and bankruptcies have affected confidence.

"However the London market has shown only tentative signs of slowing in the face of this negative sentiment.

"We expect to see a steady and stable performance from house prices and activity across the country in the remainder of 2006 as the outlook for interest rates and employment prospects damped confidence further. On balance, we also anticipate the gap between London and the rest of the country to narrow over the remainder of the year."

Annual house price growth in the capital is anticipated to fall back to between seven and eight per cent by the end of the year from its high of 9.9 per cent in June.

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