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UK House Prices Situation at 15 6 2007: Price growth slowing in many areas
UK House Prices Forecast: Prices halting or even slipping slightly in many areas (except London)
Falling House Prices In Many Areas
The latest Land Registry figures reveal that four regions of the UK actually saw a fall in average house prices in April, highlighting the slowdown in house price inflation in most areas of the country.
The areas which saw falling prices were:
•
Yorkshire & Humberside: -1.1%
• North-West: -0.5%
• South-West: -0.3%
• North-East: -0.2%
The Land Registry's House Price Index is widely considered to be the most accurate of all the house price indices, as it is based on actual sale prices for all properties in England and Wales - not just those on which a mortgage was secured.
House Price Slowdown "Underway"
New figures from the Halifax house price index show that house price inflation has fallen to its lowest level for more than five months - with the average house price growing by only 0.3% in May, down from an average of 1.3% per month in the first four months of 2007.
David Stubbs, senior economist at the Royal Institution of Chartered Surveyors (RICS) commented that these latest figures show that a slowdown is "well and truly underway" - a suggestion reinforced by falling mortgage approval levels and an increase in unsold properties on estate agents' books in April.
The Return Of First-Time Buyers?
Already some economists are suggesting that a housing slowdown might actually help the sector of the market that has suffered most from recent price increases - first-time buyers.
Slowing prices and buy-to-let investors needing to sell urgently might play into the hands of savvy FTBs, according to Paul Holmes, Operations Director of the Firstrung website - a site dedicated to providing news and information for first-time buyers.
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