20 Nov

House price growth edged down in October

House price growth edged down in October

House price growth continued to slow in October but presents no cause for alarm, according to a house price index.

Figures from Assetz index, which is an aggregate of five major house price indices, showed a 0.2 per cent drop in house prices.

This takes the rate of annual house price growth down to 9.7 per cent from September's figure of 9.9 per cent.

Stuart Law, chief executive of Assetz, said: "Annual house price growth continued to fall back slightly, but this was widely anticipated and should be little cause for alarm. We initially anticipated that an annual growth of 8 per cent would be seen for 2007 and it now looks likely that our forecast was accurate.

"I would expect average house price growth across the indices to be around five per cent in 2008, as the market continues to stabilise."

The average price of a home in the UK now stands at £214,795, according to Assetz' figures.

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