House price growth halves

House price growth in England and Wales has halved in the last six months, standing at just 0.3% in September. The annual growth rate is currently 8.8%.

However, house price growth figures continue to rise in London. September saw a 1.1% rise in house prices, bringing the average house price in the capital to £363,364.

Peter Williams, chairman of Acadametrics, who put the figures together, said: “The Bank of England's previous increase in interest rates have now collided with the tightening in mortgage credit resulting from the sharp increases in mortgage arrears and loss of confidence in securities in the US.

“London remains completely out of step with the rest of England and Wales and stripping London out of the assessment brings the annual growth rate to 6.8%.”

The results of the Acadametrics survey are in line with the recent report from the Royal Institution of Chartered Surveyors.

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