House prices stay flat in October
Published: 28-Nov-2007
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House prices were flat in real terms in October.
That is according to new figures from the Land Registry, whose monthly house price index indicated that the average completed transaction price in England and Wales had increased by just 0.1 per cent over the month.
Taking inflation into account, this means that prices were virtually flat, and was well below the 0.7 per cent monthly average increase over the last year.
The average price now stands at £184,346, with annual average house price growth down from 8.7 per cent in September to 8.1 per cent in October.
Howard Archer of Global Insight said: "Evidence is mounting the housing market is now cooling significantly in the face of tighter lending practices and the heightened affordability pressure on house buyers coming from higher interest rates, elevated house prices and muted real disposable income growth.
"These factors are expected to increasingly bite over the coming months."
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