Newspaper article The Evening Standard (London, England)

House Prices Boom 'Losing Pace'

Newspaper article The Evening Standard (London, England)

House Prices Boom 'Losing Pace'

Article excerpt

Byline: MIRA BAR-HILLEL;JANE PADGHAM

GROWTH in London house prices slowed for the third month running in August, reinforcing speculation that the boom is losing pace.

The latest poll of more than 900 London estate agents by residential property experts Hometrack found prices rose by 0.5 per cent on average this month, below July's 0.9 per cent and June's 1.8 per cent increases and well down on May's 2.5 per cent peak.

Nevertheless, prices are still up by 11.5 per cent since the start of the year and the average price of a London home now stands at ?,500, almost twice the national average. This means a price rise of more than ?000.

John Wriglesworth, Hometrack's housing economist, said: "The market will continue to slow, especially at the top end, and we predict a gradual slowdown in house price inflation occurring next year, to seven per cent.

"Provided there are no significant interest rate rises, we anticipate there will be no Nineties-style crash. …

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