Nationwide figures show that house prices were weaker in January than for the last months, new figures from Nationwide reveal.
The mortgage lender 's data confirms that over January property values went up 0.3%, the tiniest increase since May 2006, to bring the average property value to £173,225.
This means that house price growth has gone down from December's figure of 10.5% to 9.3% in January. The effects of three quick hikes in interest rates appear to have bitten. At the beginning of 2007 the Bank of England put interest rates up for the third time in six months.
There aleady appear to be signs of cooling in the housing market. There are also other signs of a slowdown in house price growth. Nationwide refers to estate agents reporting less demand in December and January, with slower increases in newly agreed sales as well as properties taking that much longer to sell.
It is possible that there will be a lessening of demand due to stretched affordability as well as rising interest rates.
As demand falls, available properties are falling even faster. So there is healthy competition for houses on the market.
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House Prices Slow Down in January Cold Weather
Tue, 30 Jan 2007
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