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House price growth shows signs of slowing

10/12/2007

The average house price in the north-west has risen by 5.2 per cent since last year, according to the latest FT House Price Index.

This is 2.5 percentage points below the rate of growth recorded exactly a year ago, when annual inflation measured 7.7 per cent.

Annual house price inflation in the region is 3.9 percentage points below the England and Wales average of 9.1 per cent – the lowest level since January.

Dr Peter Williams, chairman of Acadametrics, compiled the figures, said: "Our evidence of a softening market is very much in line with other indices despite the different reporting bases.

"With continued weakening in consumer confidence and the further negative commentary on market prospects in 2008, we would expect this downward trend to continue."

Recent data released by the Land Registry shows that the average Greater Manchester property price now stands at £129,104.