Home Insurance
Home Insurance
July house prices slower than wages
Thu, 28 Jul 2005
House prices in the UK rose more slowly than wages for the first time in nine years, a new survey claims.
Research by Nationwide building society indicates that the annual rate of house price inflation was 2.6 per cent in July, the lowest it has been since May 1996, indicating a slowdown in the UK housing market.
Nationwide suggested that housing market activity is improving slightly, but is likely to remain well below last year's 20 per cent annual growth rate.
Fionnuala Earley, Nationwide's group economist, said: "This could be the start of some unwinding of the stalemate between buyers and sellers and see the return of some liquidity to the market."
Ms Earley added that a possible interest rate reduction next month could boost the property market, while a predicted increase in house purchase approvals in June is expected to lead to a rise in home insurance sales.
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