House Prices

House prices rose by only 0.1% in July, bringing the annual rate of growth to 9.9%, according to latest figures from the Nationwide House Price Report.

Commenting on the Halifax housing figures for London, RICS senior economist, Oliver Gilmartin said: "A strong financial services sector has transformed London into a property rich ‘city state’.

The average price in Greater London broke through the £300,000 barrier for the first time in 2007 Q2 to £313,122, according to the latest Halifax House Price Index. This takes the average price in the capital above the new inheritance tax threshold of £300,000.

Nationwide Building Society has confirmed that it stands by its original forecast that house prices will grow by around 5-8% in 2007.

UK annual house price inflation in May 2007 was 10.9 per cent, down from 11.3 per cent in April 2007, according to figures from the Communities and Local Government (CLG).

Residential property prices in prime central London increased by 3.1% in June, the highest monthly rate of growth since the start of the Knight Frank Prime Central London Residential index in 1976.

Figures released by Savills show continued growth in the Prime Country House Market, particularly for properties priced over £2 million. Whilst the index for all properties showed quarterly growth of 2.8%, properties worth over £2 million showed growth of 4.80% in the second quarter of 2007.

All UK regions see house prices grow in the second quarter of 2007, but pace of growth is slowing, according to the latest Nationwide Quarterly House Price Report.

Commenting on Halifax house price figures, Oliver Gilmartin, RICS senior economist said: "The softer trend in this months housing data will not prevent the MPC from raising interest rates tomorrow as the economy continues to show solid expansion with price pressures remaining a worry.

House prices increased by 0.4% in June, the second successive monthly rise of less than 0.5%, according to the latest Halifax House Price Index.

The quarterly rate of growth in Prime Central London now stands at 5.7%, down from 8.8% in the first quarter of this year, according to figures from Savills.

London's average house price for May 2007 stands at £335,658 whereas the average price for England and Wales is £180,594, increasing the index to 219.6, according to Land Registry data.

UK house price growth bounced back in June, increasing by 1.1% during the month, according to the Nationwide Building Society.

The average price for a new home reached £260,832 in May - the highest average price for a new home ever recorded by the SmartNewHomes.com monthly index.

The UK house price inflation rate rose from 10.9 per cent in March 2007 to 11.3 per cent in April 2007, according to the Communities and Local Government (CLG).

Commenting on today’s Halifax figures, David Stubbs, RICS senior economist said: “The housing market slowdown is now well and truly underway. With mortgage rates continuing to rise, first time buyers are finding it increasingly difficult to afford the massive mortgages they now require to get on the ladder.

UK house prices increased by 0.3% in May, the smallest monthly gain this year and the third consecutive slowing in the monthly growth rate, according to the latest Halifax House Price Index.

Commenting on Nationwide house price figures, RICS senior economist Oliver Gilmartiin said: "The housing market is cooling although prices continue to rise. The full effects of recent interest rate rises are yet to be felt, with a further slow down in price rises expected into the Autumn.

UK house prices increased by 0.5% in May, bringing the annual growth rate to 10.3%, according to the Nationwide Building Society.

House price change in England and Wales remained positive for residential property transactions that completed in April 2007, according to figures from the Land Registry.

House prices in Aberdeen, Edinburgh and Dundee have surged in the last quarter, according to the Lloyds TSB Scotland House Price Monitor.

The average price of a new home in May was up 0.7% on the previous month and up 0.3% over the last year, signalling a positive change in the market and leading a strong second quarter for the new homes market in 2007, according to Smartnewhomes.com.

Average national asking prices showed their smallest gain of the year so far, rising 0.4% in May, according to Rightmove.co.uk.

The prices of the best properties in central London have risen by over 33% in the 12 months to the end of April 200, according to the latest figures from the Knight Frank Prime Central London Residential Index.

House prices gained further momentum in April despite increased supply triggered by the forthcoming introduction of HIPS (Home Information Packs), according to the latest RICS’ UK housing market survey.