House price growth 'starts to slow'
Sun 27 Jul 2014
Prices overall across England and Wales were unchanged in June compared with May, the survey suggested.
However, property prices were still 6.4% higher compared with a year ago, leaving the average home priced at 172,011.
A number of surveys have shown bug annual price rises in recent months. Surveys are now starting to make annual comparisons with a time a year ago when the housing market was firmly in the realms of recovery. The latest Land Registry date shows that the biggest month-on-month risk in June was in the West Midlands (up 1.9%) with the largest fall in Yorkshire and the Humber (down 1.3%). The largest year-on-year rise was in London (up 16.4%) and the slowest rise was in the North East of England (up 0.8%).
Other surveys in recent months have echoes the view of local markets moving at a different pace, overall, showing some levelling off of property prices. A number of commentators have predicted a slowdown in the UK housing market during the summer holiday season, following the typical Spring bounce in activity.
Peter Rollings, chief executive of Marsh and Parsons estate agents, said that more choice of homes meant that prices were stabilising. After a frenetic start to the year, the pace of house price growth has slowed this quarter as the market stabilises and returns to more normal trading conditions, he said. Jeremy Leaf, of the Royal Institution of Chartered Surveyors, said that the potential for an interest rate rise was affecting confidence but there were still people keen to buy. He said that a more narrow price differential across different regions of the country would be welcome.