Newspaper article Evening Gazette (Middlesbrough, England)

Homes Price Rise Slowing

Newspaper article Evening Gazette (Middlesbrough, England)

Homes Price Rise Slowing

Article excerpt


THE cost of the average home in the UK rose by 0.6% during August, figures showed today.

The rise pushed average house prices up to pounds 183,898, according to Nationwide Building Society.

But the annual rate of house price inflation continued to slow during the month, dropping from 9.9% to 9.6% for the year to the end of July, contributing to evidence the market is coming off the boil.

The figures come the day after the Land Registry said house prices in England and Wales rose by only 0.1% in July.

Nationwide expects the market to continue to slow down, as affordability is stretched.

At the same time, it said higher interest rates and inflation would also hit pockets, while lower expectations of house price growth were likely to dampen demand.

The group still expects house prices inflation during 2007 to be close to the middle of its forecast range of 5% to 8%.

Fionnuala Earley, Nationwide's chief economist, said: "While it has taken some time for these factors to bite, there are now clearer signs of slower demand in themarket reflected in the collapse in new buyer inquiries. …

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