House prices are sliding, so says the country's biggest mortgage lender, the Halifax.
Recent Halifax data highlights that in July the average house price went up only 0.7%. This follows Nationwide and Hometrack surveys which show a 0.1% increase per month.
This is the fourth consecutive month house prices have gone up by less than 1%, confirming that house price inflation is slowing down.
House price growth is downwards and is set to continue as the five interest rate rises since last summer have an impact on housing demand and household spending.
There has been a slowdown on the cards, yet a house price crash is unlikely.
A sound economy, high employment levels and a shortage in the number of properties for sale, especially in London and the south-east continue to support house prices.
The average house price is presently 11.2% higher than August 2006, at £198,915.
A slowdown is of course in evidence. The Halifax survey highlights that between April and July house prices went up only 1.3%, the smallest three-monthly increase since August 2006. In contrast, in March the three-month growth rate was 4.5%.
The Halifax forecasts that rising interest rates mean properties are going to end 2007 6% higher than at the beginning of 2007 - a lower growth rate than available from many savings accounts.
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House Prices Slide Thu, 02 Aug 2007
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