04/07/2007

Property prices slowdown

According to the Halifax, the property price rise is slowing down dramatically.

House prices rose by only 0.4 per cent in June, which was a massive drop below the 4.2 per cent rise in the final quarter of last year.

Halifax chief economist, Martin Ellis, said: "the increases in mortgage rates and the persistence of negative real earnings growth in the early months of 2007 are expected to cause annual house price inflation to slow further over the coming months. Solid economic fundamentals and a shortage of housing supply will, nonetheless, continue to support house prices."

Northern Ireland had the biggest regional increase over the past three months, with an increase of 8.5 per cent.

London prices rose by 4.9 per cent, however there were small falls in the south-west of 0.4 per cent, the West Midlands down 1.1 per cent and Wales down 2.8 per cent.

(CD)

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