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FT: Housing market growth slows during July

Friday, 10 August 2007 12:00 AM

House price growth slowed to 0.3 per cent during July, according to research released by the FT today.

The FT house price index finds annual house price inflation fell to nine per cent during the month, down from 9.1 per cent in June.

This sees a return to the wider trend of slowing growth, marking July out as the only month to witness an increase in inflation since February.

Average house prices across England and Wales now stand at £223,035, up from £222,356 in June.

"House prices increased by 0.3 per cent in July with annual price inflation at nine per cent, reverting to the broad pattern of stability which we have been reporting for some months," said Peter Williams, chairman of Acadametrics, who carried out the research for the FT.

However, regional variation has skewed the statistics. If London is removed from the data, annual house price inflation falls to 7.3 per cent.

"The expectation of a slowing market as the year goes on remains given that the effect of successive interest rate increases continues to work its way through the system.

"The Bank's recent decision to hold on rates was welcome not least given the newly advised increased incidence of arrears and possessions and the continued uncertainty created by the difficulties in the US Sub Prime market," Mr Williams concluded.

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