FT house price index reveals steady market

Posted: 11 Jun 2007 11:07:30 GMT

House prices rose by 0.5 per cent in May, new data from the Financial Times (FT) house price index has shown.

House prices rose by 0.5 per cent in May, new data from the Financial Times (FT) house price index has shown.

According to the index, which is based on figures from the Land Registry, the average cost of a house is now £220,319 compared with £219,143 in April.

House prices have risen by 8.5 per cent over the last year, the FT's figures also show.

Commenting on the data, Dr Peter Williams from Acadametrics, the company that carried out the research on behalf of the FT, said that the housing market was showing stable if unspectacular growth in the housing market.

"House prices increased by 0.5 per cent in May continuing the broad picture of stability since the start of 2007," he said.

"The data continue to strongly support the view that, in England and Wales, house price increases have now slowed and flattened out since February."

"Market indicators from across the property purchase process (enquiries, mortgage approvals, transactions) show clear evidence of the slow down and support our assessment of the flattening price trend."

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