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The monthly rate of house price growth halved over June with average prices rising by +0.3% compared to +0.6% in May and a recent high of +0.8% in March 2007. The annual rate of house price growth also slowed to 6.4% a trend that is set to continue on the back of rising levels of supply and weaker demand.
A difference between supply and demand resulted in price rises over June being limited to just 28% of the country – down from 44% in April. The number of new properties coming to the market (12.4%) continues to exceed the number of new buyers looking to purchase with the volume of homes coming to the market doubling over the month.
London house prices
Over the last 18 months London has been the major driver of headline growth but London is now witnessing a clear turnaround. The region saw the largest decline in demand over June (-3.5%) compared to a national average of +5% and an increase in supply (10.9%). That said prices still rose by 0.7% over the month, down 1.3% in May.
Price rises of less than 2.5% were seen in six out of the ten regions, primarily those away from the south of the country where previous interest rate rises have already impacted on the market.
Source:Hometrack
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