3
Jan
UK house price growth slows to 0.6%
House prices in the UK grew by 0.6 per cent in November, suggesting
that the market is in a gradual slowdown.
The price increase takes the average cost of a home in the UK and
Wales to £186,000, according to data from the Land
Registry.
Indications of a slowing rate of price growth come as the study
also showed that the number of transactions completed during the
period fell to 108,678 from the same period last year when the
figure stood at 119,580.
The findings, said Nicholas Leeming, major clients director at
PropertyFinder.com, are a clear signifier of the remarkable
resilience the UK property market.
However, the situation is likely to become worse in the long-term,
as a result of global economic issues and confusion over Home
Information Packs (Hips), he said.
"Financial turmoil has nevertheless impacted on confidence and it
will take the market some time to adjust to the government’s
chaotic roll out of home information packs - these factors will
impact on transaction levels for some months," Mr Leeming
explained.
