According to the Land Registry, house prices in England and Wales are levelling out, but there are some indications of higher than expected increases.
Figures released showed the lowest growth since June 2006 at just 0.1per cent. The average house price in the United Kingdom is reported to be £181,460.00.
London continues to lead the market and the average home costs £342,936. It has also been reported that the number of new buyer enquires had fallen, as it has for the past eight months.
Estate Agents are reporting high stock levels as supply is outstripping demand.
Our view
The housing market has reacted as expected as successive interest rate increases work their way through the system. We do not expect any more rises before Christmas with a possible rise is overspending occurs although given the Chancellors predictions for economic growth over the next years, we suspect rates may fall in the second half of 2008.
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