House price growth stutters

Posted: 26 Jul 2007 10:42:44 GMT

House price growth has ground to almost a complete halt, according to new figures.

House price growth has ground to almost a complete halt, according to new figures.

The Nationwide House Price Report shows that monthly growth between June and July was just 0.1 per cent.

This is the lowest level of growth the UK housing market has seen since April 2006, with the average price increasing by just £200.

June saw house price growth of 1.1 per cent and Fionnuala Earley from Nationwide says that the slowdown between then and July has affected annual inflation.

"The marked slowdown brought the annual rate of house price inflation down to 9.9 per cent following three consecutive months of double-digit growth," revealed Ms Earley.

"A typical UK property cost an average of £184,270 in July, £16,537 more than one year ago.

"The three-month on three-month rate of growth - often a better indicator of the underlying trend of house price inflation - slowed to two per cent and resumed the downward path that had been interrupted in June," she added.

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