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June 13, 2005
Housing inflation at lowest since 1996
According to figures from the Office of the Deputy Prime Minister (ODPM), annual house price inflation slowed sharply in April. The OPDM said prices
increased by 6.9% in the year to April, compared with annual growth of 12.6% in March. The steep fall in price inflation was attributed to the early timing of Easter 2005.
Surveys from mortgage lenders the Halifax and Nationwide also showed annual growth rates slowing. The Nationwide said price inflation fell to 5.5% in May - the slowest rate since August 1996. The Halifax recorded inflation at 5.7% - its lowest level for four years.
The slowdown in house price growth, together with weakness in consumer spending on the High Street, has led to speculation that UK interest rates could be reduced before the end of year.
The ODPM said that average prices fell 0.8% between March and April this year, compared with a 4.5% rise during the same period last year. However, this year’s figures were affected by the early timing of Easter, when housing activity usually improves.
The average UK house price was £181,832 in April, down from £183,346 in March. Annual inflation figures fell in all UK regions. Wales had the highest rate with 15.9% inflation, down from 22% in March. In Scotland, the rate decreased from 16.1% to 14.3%.
Prices in North West England increased 12.9% and in North East England by 11.9%. The slowest growth rate in England was in London, where inflation fell to 2.7% in April from 9.8% in March.
Posted by at June 13, 2005 10:48 PM
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