Half the number of houses were rising in value in June than in May.
In May 22.5% more chartered surveyors stated that house prices were increasing near them than falling, which is relatively in line with the long term average figure.
In June this went down to 10.6%, the Royal Institution of Chartered Surveyors (Rics) stated today.
House prices have started to calm down significantly for the first time since the mini boom in the housing market which began in 2006.
Interest rate rises have started to affect the psychology of the market with would be homebuyers thinking twice before buying a home .
The July rate increase does not mark the peak of the current interest rate cycle, with earlier rate rises yet to fully filter through.
In addition to the decrease in house prices, new buyer enquires declined quickly in June, dropping at their fastest pace since February 2006. Only Wales, Scotland and the West Midlands saw an increase or no change in new buyers entering the property market.
There was a decline in new homes coming onto the market, after many people fast forwarded their plans to sell in May to beat the Home Information Pack deadline, initially scheduled for the beginning of June.
In England, London experienced the fastest growing house prices, with Scotland performing as well. Nonetheless, Northern Ireland is still leading in terms of house price rises.
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Property Growth is Halved
Thu, 19 Jul 2007
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