
Slower House Price Rises
Monthly house price rises in England and Wales slowed marginally in June, but nonetheless took the annual rise in prices to the largest since January 2008, property data company Hometrack reported. The number of houses being put up for sale rose at a faster rate than the number of buyers, potentially limiting future price rises. However, recent legislative changes that have reduced up-front marketing costs for sellers mean more of the new homes coming on to market may be from less committed vendors only willing to move if they get an unrealistically high price. Hometrack's survey of estate agents and surveyors showed an average rise of 0.1 percent in house prices in June, down from 0.2 percent in May, and a year-on-year rise of 2.1 percent. Hometrack has consistently shown smaller price falls and rises than surveys by mortgage lenders Halifax and Nationwide and actual price changes recorded in official government Land Registry data. April's Land Registry data, the most recent available, showed an annual rise of 8.5 percent across England and Wales.
