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09/07/07 -
Is the UK Property Boom About to End? |
The rise in the cost
of property is slowing down, according to the Halifax…
Although prices were up 2% in the second quarter of 2007, that was half the
rise in January to March.
It was also well below the 4.2% rise in the final quarter of last year, the
Halifax revealed. House prices for the month of June were up just 0.4%,
taking the annual three-month rate to 10.7%.
The nation's largest mortgage lender said the cost of an average home now
stood at £197,461.
"The increase in mortgage rates and the persistence of negative real
earnings growth in the early months of 207 is expected to cause price
inflation to slow further," said Halifax spokesman Martin Ellis.
However, he said he remained optimistic of a continuing rise in the
long-term.
"Solid economic fundamentals and a shortage of housing supply will,
nonetheless, continue to support house prices," he explained.
Meanwhile, people who bought property in Northern Ireland a while ago are
reaping the rewards of their foresight. The area is now the most expensive
part of the UK outside London and the South East.
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