Property prices rise

House prices increased by 0.5 per cent between October and November, according to the latest figures.

The FT House Price Index shows that property prices in England and Wales continued to grow but at a slower rate.

The growth figure for October was 0.7 per cent and annual inflation also fell in November to just 9.1 per cent.

"House prices in England and Wales increased by just 0.5 per cent in November, suggesting that last month's rise of 0.7 per cent was a blip. On an annual basis, the rate of house price inflation has continued the downward path recorded since June, and is now 9.1 per cent, the lowest level since January this year," said Acadametrics chairman Dr Peter Williams.

"The FT index is based on all property transactions in England and Wales, and our evidence of a softening market is very much in line with other indices despite the different reporting bases.

"The prices on which the FT index is based reflect transactions agreed some weeks ago. With continued weakening in consumer confidence and the further negative commentary on market prospects in 2008, we would expect this downward trend to continue," he continued.

The National Association of Estate Agents has said that it hopes yesterday's (December 6th) cut to the base rate of interest will boost the housing market.

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