House price growth in UK continues to slow down
04 October 2007
The annual rate of house price inflation in the UK is slowing down, according to new figures.
Research by Nationwide found that between July and September, yearly growth slowed to 9.3 per cent - down from 10.2 per cent during the previous quarter.
However, the national average value continued to rise, going up from £181,810 to £184,131 during the same period.
London's property market was found to be driving much of this growth, as the average house price crossed the £300,000 mark.
Meanwhile, Northern Ireland saw the highest rate of growth on a regional basis, while inflation was weakest in the West Midlands.
Commenting on the figures, chief economist Fionnuala Earley said: "House price growth in London remains streets ahead of all other regions in England."
She added that price growth in England was likely to continue decelerating in the next few months, although the process would take longer in London.
According to Halifax, the number of million pound property sales in England and Wales has trebled in the last five years.