July saw the slightest increase in house prices out of any month in 2007.
The average asking price went up only 0.3% in July, the tiniest increase since December 2006, so Rightmove, the online estate agent has revealed.
The mini-boom seems to have come to an end. As long as employment is buoyant, prices are likely to stay at the levels they are currently at.
Dependent on local supply and demand, sellers will need to negotiate asking prices, especially if there is another increase in interest rates.
In the last quarter house prices have gone up only 1.5%, quarter of the 6.1% increase in the first quarter of 2007.
The present average asking price in England and Wales is 10.3% higher than in July 2006 at £240,001. This constitutes the tiniest annual increase since September 2006.
London of course is still leading the property market nationally, even though it is slowing down.
The annual London house price decreased from 23.1% in June to 21.7% in July.
Shortages of housing are going to remain more acute in London, as suitable land to build upon is more difficult to attain and demand continues to grow as London tries to become the financial capital of the world.
The rising prices can be absorbed by well paid City workers, however, they increase existing problems for key workers and first time buyers in London .
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Slightest House Price Increase in 2007
Mon, 23 Jul 2007
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