| UK
House Prices Situation at 31 8 2007: Slight falls in
some areas, still stable
UK
House Prices Forecast: Little change in average prices
for foreseeable future
Rightmove
Figures Reflect Changing Market
For
the fourth consecutive month, Rightmove's house price
index (HPI) has shown only a very modest increase in
the average UK house price.
Rightmove
recorded an increase in the average asking price of
UK properties of 0.6% in August, giving an annual average
increase of 12.8%.
These
averages were generated by a mixture of rising and falling
prices across the country, including a small fall in
the average house price in London for
the first time this year.
Here
are some of the highlights of Rightmove's figures for
August:
•
West Midlands: -2.2%
• North of England: -0.6%
• London: -0.1%
• South-West: no change
• South-East: +1.1%
Miles
Shipside, Rightmove's commercial director, commented
that:
"This
is the first time for over a year and a half that we
have seen four consecutive months of such moderate increases….
This much slower rate is consistent with prices and
the market starting to adjust to the
increased costs of homeownership."
Shipside
went on to say that he believed that house price inflation
would continue to decline until it was at a similar
level to wage inflation; 3% - 4% annually.
HIPS
for 3-Bedroom Properties
The
government has announced that from the 10th September,
Home Information Packs (HIPs) will be required for the
sale of all properties with 3 or more bedrooms.
This
expansion of the controversial scheme will mean that
around 60% of homes in the UK will require a HIP to
be sold - with the packs costing sellers around £500
each.
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