The Halifax and the Royal Institution of Chartered Surveyors (Rics) forecast house prices are not going to rise more than 7% in 2007.
With 2006 about to end, estate agents predict house prices are going to slow in terms of their increase in 2007.
The UK's biggest mortgage lender, Halifax and Rics forecast that between now and the end of 2007 house prices are going to rise by at the most 7%.
2006 house prices have astonished all analysts. 2006 saw a slow start, with monthly increases on par with those witnessed during the recent property boom when house prices were going up at 20% per year.
Annual house prices rocketed beyond all expectations, being led by a boom in house prices of London properties, spurred by record City bonuses.
Fewer first time buyers are able to get onto the property ladder, with interest rates at levels unseen since 2001.
Market analysts are predicting that the current strength of the market is likely to continue in the early months of 2007, prior to dropping off as the year progresses.
Rics experts predict total house price growth to slow down to 7%.
The Halifax is however more pessimistic with regard to house price growth. They claim that all regions other than London are expected to record lower house price growth next year compared with 2006.
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House Prices Are Likely to Slow Down in 2007
Tue, 12 Dec 2006
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