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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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