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FT: House price growth stays level

Friday, 11 May 2007 12:00 AM

The levelling off of house price growth continued in April with an average rise of 0.7 per cent, the FT reports today.

This has kept annual house price growth at 8.4 per cent for the fourth month running.

The average house price in England and Wales rose to £219,145 in April, up from £217,624 in March.

"Nationally, house price increases have slowed and flattened out. This has been our view for a number of months and most of the other indices are now indicating similar trends," commented Peter Williams, chairman of Acadametrics, who conduct the research for the FT house price index.

"London continues to have a large impact on the national figures but it is a market driven by a much wider range of factors than elsewhere in England and Wales. Excluding London, our annual increase would be 7.1 per cent, rather than 8.4 per cent, which is still high but is significantly below the double digit price increases often referred to in the media.

"At a regional level, using a three month average to smooth volatility, the annual rate of price increases in the south-west at 8.6 per cent is just above average whilst, in London, the rate has further accelerated to 13.3 per cent.

"In fact, in all the other regions, price increases were below the average. On a monthly basis, six out of the nine regions actually showed modest reductions in price growth although we must treat such data with caution."

He added affordability issues in the property market "remain intense", and the market would be likely to stay "moderately subdued" in the months to come.

With just 21 days to go until home information packs (Hips) become compulsory for sellers in England and Wales, Mr Williams explained there had not been "a great rush" of properties put up for sale to beat the deadline.

"[Hips] may yet turn out to be a non-event, perhaps housing's equivalent to the millennium bug," he concluded.

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