London 'driving house price growth'
House prices are rising fastest in the capital
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Friday, 10, Aug 2007 12:25
Rising house prices in London are continuing to drive annual price inflation across the property market, new figures have revealed.
Annual rate of house price inflation across England and Wales hit nine per cent in July, down from 9.1 per cent in the previous month, according to the latest house price index published by the Financial Times (FT).
However removing London data from the analysis brings the annual rate of house price inflation down to 7.3 per cent, stressed the consultancy firm which compiles the figures based on existing Land Registry data.
According to Acadametrics house prices across the country grew by three per cent on a monthly basis between June and July.
Meanwhile the average price of a home in Greater London climbed to £351,803 last month, with annual house price inflation in the region climbing to 15.2 per cent.
Southern regions outside the capital benefited from the "spill-over" from the London property market to show the greatest increases across the rest of the county, according to the figures.
In the south-east the annual rate of house price inflation stood at 8.6 in July, while in the south-west it reached 10.1 per cent.
The lowest growth was recorded in the West Midlands, which reported a rise of 4.2 per cent rise in house prices last month, and in the north of England, which reported a 4.3 per cent rise.
Acadametrics chairman Dr Peter Williams said the data showed "considerable" regional differences.
"The expectation of a slowing market as the year goes on remains given that the effect of successive interest rate increases continues to work its way through the system," he added.
Today's figures reflect those published in other recent house price surveys. Mortgage lender Halifax warned in its latest market data that property prices recorded a fourth consecutive month of growth below one per cent in July, while Nationwide claimed that growth slumped to just 0.1 per cent last month.