29-04-2008
Survey reveals house price slowdown continuing
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The annual rate of house price growth in England and Wales has slowed for a seventh consecutive month, according to a new study.
Research by the Land Registry found that annual house prices were still growing - at 3.6 per cent during March - but that figure is down on the 5.3 per cent growth experienced throughout February.
The figures, which could effect the investments made by landlords, reveal that the average home now costs £184,798.
According to the study, properties in the north-east of England saw the highest growth - at 2.4 per cent change in March - but houses in Wales saw their average value drop by 2.2 per cent, to an average of £136,557.
The Land Registry figures seem to back up recent data from the British Bankers' Association, which saw an 18 per cent drop during March in the number of new mortgages being approved for home purchase.