The latest FT House Price Index reveals that December saw house prices rise by 0.6% and by 6.8% during the last year.
The data compiled using information from the Land Registry is used in conjunction with an "index of indices" which is seasonally adjusted by Academetrics also takes into consideration transactions that the Land Registry are yet to be notified of.
Peter Williams, chairman of Academetrics, commented, "Monthly house price growth appears to have reached a plateau with monthly growth of 0.6% in December accompanied with the first fall in annual growth since September 2005. Even London saw a slowing in monthly growth though London supported by the South East are still driving the market.
"Continued high demand alongside low rates of housing turnover and poor new housing supply has continued to drive southern housing prices throughout this year. However, the recent pick up in new supply in the Midlands and the North of England combined with higher mortgage interest rates should result in a continued easing of market conditions in those regions," he added.
"Though the recent rises in interest rates will take some time to impact upon house prices, there remains a strong possibility that the London market will be even slower to adapt to these rate changes because localised supply shortages continue to dominate a generally low housing turnover market. As the Bank of England recognises, trying to control the housing market through a policy based upon interest rate rises is difficult as is witnessed by the fact that in the last 3 months most regional markets in England and Wales have experienced limited price growth whilst the annual rate has risen to 11% in London," Peter Williams concluded.
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House prices up 6.8 per cent in last 12 months
Mon, 15 Jan 2007
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