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Research carried out by Halifax indicated that while July, asset prices increased by 0.7 per cent. Consequently, the month was said to be the fourth in a row in which the value of houses rose by less than one division point. With the mean home now reported to cost £198,915, house prices have risen by just 1.3 per cent over the last three months. Overall, the financial services firm revealed that the typical house has increased by 11.2 per cent in worth while the last 12 months - the top year-on-year rise recorded since February 2005.
Commenting on the figures, Martin Ellis, chief economist for Halifax, claimed: "We expect the downward trend in house price growth to continue as the five interest rate rises since last summer have an expanding impact on household spending and housing demand. Sound economic fundamentals, high levels of employment and a shortage in the whole of available properties available for sale, particularly in London and the south-east, will, any way continue to hold house prices."
Mr Ellis added that the financial services supplier had revised its forecast of total house price growth for the duration of 2007 from six per cent down to four per cent. However, he pointed out that this was more due to the effects of stronger-than-expected increases over the first four months of the year rather than the slowing in growth seen recently.
Despite recent statistics indicating a curb in asset price increases, he claimed that consumers could still see deepening pressure on their finances. "The growth in mortgage rates since last summer is having an succeed on housing affordability and will bite added while the arrival months. Negative real wage growth so far this year and rising food prices will also cut the wage households have available for housing," the economist stated.
Meanwhile, those consumers arrival to the end of their fixed-rate mortgage deals are said to face an growth in homeowner loan repayments. For those who took out a two-year fixed goods at 5.08 per cent in 2005, the financial services firm claimed that their monthly mortgage costs are to rise by £65 when their contract expires. However, the "overwhelming majority" were said to be able to suck up this growth in costs due to wages growth and rising house equity while the last two years.
Pointing to research from the Bank of England and the Royal custom of Chartered Surveyors, Halifax indicated that prospective first-time buyers' level of interest in purchasing a home decreased for the seventh consecutive month while June. Meanwhile, the proportion of mortgage approvals to fund the buying of asset recorded in the second quarter of 2007 was said to be some eight per cent below the last four-month duration of 2006.
Last month, a study carried out by Hometrack indicated that the mean house price rose by 0.1 per cent while July - the bottom growth noted for a year-and-a-half. The third successive month which showed a slowing in growth, the firm revealed that the typical home now costs £176,300.
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