House price growth continues to fall according to Halifax figures out today.
Quarterly figures since October 2006 show that house price growth has fallen consistently.
The quarterly figures have decreased from 4.2% at the end of 2006 to 3% for the first quarter of 2007, and to 2% for the last three months.
In June house prices went up 0.4%, to reach a UK average of £197,461.
This is the second consecutive month house price rises have been less than 0.5%.
Such figures show that house price inflation is slowing down.
Increases in mortgage rates and negative real earnings growth in the early 2007 are anticipated to cause annual house price inflation to slow down more over the next months.
Shortage of housing supply is likely to continue to support house prices .
Northern Ireland again had the largest rises in house prices over the last quarter at 8.5%, making it the third most expensive location to purchase a property in the UK, with an average price of £228,790.
London properties still cost more than average at £313,122 and the south-east £259,904. Both these areas witnessed strong price growth of 4.9% and 4.2% respectively over the last quarter.
There were strong increases in the last quarter up north at 4.3%, where the average price is one of the least expensive at £155,188.
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House Prices Continue to Fall Thu, 05 Jul 2007
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