House prices went up just 0.3% in May, so the Halifax .
This makes it the third month in a row that house prices have decreased, thus making the annual rate of growth decrease slightly to 10.6% from 11.1% in March.
The average UK property presently costs £196,893, so the Halifax has calculated .
The recent decrease in monthly house price inflation, along with more evidence of moderation in housing market activity, points out to the interest rate increases since last summer having had an impact on the property market .
Higher interest rates and the negative trend of real earnings growth and increasing food prices are going to make a dent on householder finances over the following months, curtailing housing demand.
House price inflation as a result is likely to be moderate. However, there is unlikely to be a house price crash.
Nonetheless, the market is still supported by solid economic foundations which, along with supply shortages, are going to support prices.
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House Prices Are Slow In May
Fri, 08 Jun 2007
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