UK Money News
8th February 2008
House price growth slows further in January
House price growth across England and Wales continued to stagnate during January, new data shows.
Figures from the Financial Times House Price Index show that house prices were up by just 0.1 per cent during the month.
This follows similarly slow rates of growth noted in the preceding two indices.
The diminishing increase in value in January brought the annual rate of house price inflation down to 6.5 per cent from 7.6 per cent in December.
Dr Peter Williams, chairman of Acadametrics, which carried out the research for the FT said the study indicates further slowing down of the market and noted that a turnaround is not due over the next 12 months.
He said: "With continued weakening in consumer confidence and the extensive negative commentary on market prospects in 2008, we continue to expect this downward trend to continue even though the fundamentals of demand and supply, employment and interest rates remain favourable."
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