House price growth steadying at 9%

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by Kay Murchie

The latest FT House Price Index has established that house prices rose by 9% over the year to July, the average price of a home is currently at £223,035.

The research was carried out by Acadametrics on behalf of the Financial Times, based on Land Registry data, established that prices rose by 0.3% in July. However, analysts believe this is primarily due to the continued growth in London property prices.

Disregarding London from the figures would denote the annualised rate of growth fell to 7.3%. Acadametrics commented that the anticipation of a slowing market as the year goes on remains given that the effect of successive interest rate increases continues to work its way through the system.

In early August, it was expected that the average price of a home would rise by 40% within the next 5 years.