House Price Inflation Slows
House price inflation in England and Wales slowed down in July, according to the latest figures from the Land Registry.Its survey of all completed property sales showed that prices rose by just 0.1%, dragging the annual inflation rate down from 9.1% to 8.8%. The average property value in England and Wales has now risen to £181,460.
Prices are rising fastest in the London area, where they are currently 15.5% higher than in July last year.
These latest figures suggest the property market is now responding to the five increases in interest rates since last summer.
Earlier this month the Royal Institution of Chartered Surveyors (RICS) said the number of first-time house buyers was falling at its fastest rate in more than three years.
The Land Registry figures also show that there has been a fall in the number of properties being sold.
In May, the latest month for which transaction figures are available, there were 9% fewer properties sold than in the same month last year.
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