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House price boom still slowing down.

HOUSE prices rose by 0.5% during August as the property market continued to show signs of slowing down, Government figures have revealed.

The gain, which pushed the average cost of a home in the UK up to pounds 219,528, was well down on the previous month's jump of 2%.

It also helped annual house price growth ease down from its 28-month high of 12.4% in July to 11.4%, according to the Department of Communities and Local Government.

The figures came as property website Right move said house prices rebounded by a strong 2.7% during the four weeks to October 6.

But the group said the sharp jump was caused by the "distorting effect" of the introduction of the Government's controversial Home Information Packs.

It also followed a 2.6% fall in the average cost of property in England and Wales during the previous four weeks.

But the group said despite the rebound, the market continued to show signs of a slowdown, with the less volatile three-month growth rate dropping to 0.5% for the three months to October 6, the lowest quarterly rise since the winter of 2005.
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Title Annotation:Business
Publication:Daily Post (Liverpool, England)
Date:Oct 16, 2007
Words:193
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