Tuesday May 13, 10:01 AM
UK March annual house price inflation slows to 5.2 pct vs 6.3 in Feb - govt
LONDON (Thomson Financial) - Housing price growth continued to slow in March, confirming that a correction in property market values is underway, government figures released Tuesday show.
The Department of Communities and Local Government said the annual rate of house price inflation fell to 5.2 percent in March from 6.3 percent in February.
The average house price in the United Kingdom rose to 217,344 pounds in March from 217,089 in February.
In London, annual house price inflation fell to 7.6 percent from 9.2 percent in February.
DCLG said the figures for February and March have been revised due to the receipt of new data from lenders who provide information quarterly rather than monthly.
The government data, based on completed property sales, lags behind surveys from industry groups like Nationwide, Halifax and the Royal Institution of Chartered Surveyors.
Official data for the housing market looks set to continue to worsen.
The RICS said Tuesday morning (NASDAQ: TUES - news) that the balance of agents reporting lower house prices in April has fallen to its worst level since records began, while at the beginning of the month, Halifax's survey reported its first annual decline in more than a decade in April.
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
