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Nationwide house price report shows slowdown

July 26, 2007 by admin  
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Nationwide house price report shows slowdown

Further evidence for a rapidly-cooling house price market comes today, with the release of the monthly report from lenders Nationwide.

Seasonally adjusted, house prices made a gain of 0.1 per cent for July – the slowest growth for over a year, and a negation of the gains from the last set of results in June.

The annual rate of inflation is also down, currently standing at 9.9 per cent: numbers had been in the double digits for the last three months.

Nationwide starkly stated that the “risk of monetary overkill” looms large over the .

The lender also welcomed the government’s housing green paper, which proposes that more affordable homes be built; yet “as the recent flooding shows, the challenges ahead are substantial”, it adds.

Many analysts will be surprised by the results, with Reuters reporting that a 0.5 per cent gain and an annual reading of 10.6 per cent had been predicted.

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