3 Jan

UK house price growth slows to 0.6%

UK house price growth slows to 0.6%

House prices in the UK grew by 0.6 per cent in November, suggesting that the market is in a gradual slowdown.

The price increase takes the average cost of a home in the UK and Wales to £186,000, according to data from the Land Registry.

Indications of a slowing rate of price growth come as the study also showed that the number of transactions completed during the period fell to 108,678 from the same period last year when the figure stood at 119,580.

The findings, said Nicholas Leeming, major clients director at PropertyFinder.com, are a clear signifier of the remarkable resilience the UK property market.

However, the situation is likely to become worse in the long-term, as a result of global economic issues and confusion over Home Information Packs (Hips), he said.

"Financial turmoil has nevertheless impacted on confidence and it will take the market some time to adjust to the government’s chaotic roll out of home information packs - these factors will impact on transaction levels for some months," Mr Leeming explained.


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