August has seen the biggest housing market slowdown for more than 18 months, recent research shows.
Rightmove figures highlight that asking prices for homes in England and Wales went up 0.6% in August, following increases of 0.3% in July, 0.8% in June and 0.4% in May.
This makes for £4,133 since May 2007, seeing the average asking price reach £241,474 in August.
London house prices went down 0.1%, one of three regions where asking prices dropped.
West Midlands saw prices drop, falling 2.2% in August, and 2% in July.
House prices went up strongly in the north-west and the south-east, by 2.2 and 2% respectively.
The online estate agent explained that this month's housing market figures appear to indicate that we have reached the limit of buyers' ability to afford higher prices given present market conditions.
The balance of power seems to have moved from seller to buyer in most parts of the country. This could swing further in the favour of buyers should the current credit tightening decrease lenders' ability to offer mortgages at rates achieved in recent months. This could lead to small increases in mortgage rates without another interest rate rise by the Bank of England.
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Biggest Housing Market Slowdown in 18 Months
Fri, 31 Aug 2007
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