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Hometrack: North-west house price growth holds steady

03/08/2007

House price growth in the north-west levelled off last month and the region was one of five areas in England and Wales that experienced no house price growth, new data has shown.

Hometrack said that the average house price in the north-west is now £127,500, although the Land Registry believes the average regional house price is actually higher, at £135,564.

There was a 0.2 per cent increase in the number of new properties listed in July, while the number of new buyer enquiries was down by 0.9 per cent, said Hometrack.

Across England and Wales as a whole, the average house price grew by 0.1 per cent during July, the lowest rate of growth since January 2006.

"It was inevitable that the steady increase in interest rates, which began last year, would ultimately impact on levels of housing demand right across the market,'' said Richard Donnell, Hometrack's director of research.

"We expect demand to remain weak over the second half of the year as the impact of higher interest rates continues to feed into the market.''

According to the latest Land Registry figures, the average Greater Manchester property price is £127,766.

© Adfero Ltd

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