29-02-2008
House price growth continues fall
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The growing cost of property across England and Wales is continuing to slow.
Fresh data from the Land Registry has found that, although house prices throughout January continued to increase by a total of 0.9 per cent, annualised growth during the month fell to 6.4 per cent.
In December 2007, house prices were growing at an annualised rate of 6.7 per cent, reports the BBC. "The downward trend in annual growth rates nationally is also visible in the data for London, although London growth rates continue to be stronger than those of England and Wales," said a representative from the Land Registry, an organisation of the government, established in 1862.
Across England and Wales, the average cost of a property is now £186,045. However, in London house prices continue to rise at a higher rate than the rest of England and Wales, with annualised growth levels of 13.1 per cent.