UK property prices becoming more stable

Prices of property in the UK are beginning to stabilise while still showing positive growth, according to the latest Assetz house price watch.

In June, the average annual rate of growth in prices was 6.74 per cent, compared to 6.52 per cent in May and the 4.23 per cent that was measured at the beginning of 2006.

The average price of a home was therefore also slightly up, from £189,317 to £189,408, an increase of over £10,000 on the average prices that were seen in June 2005.

As could possibly be expected, London is leading the upward trend in UK property prices, although Assetz predicts that values of houses in the capital will cool as affordability levels out, owing to rising household bills and static wage inflation.

The property specialist anticipates that, by the end of the summer, the annual growth in prices will settle at around five per cent.

"I am seeing no big surprises from the housing market this summer," said Stuart Law, managing director of Assetz.

"A strong performance in the first six months is now beginning to slow, resulting in a confident five to seven per cent growth by the end of the year in line with our original predictions."

One of the factors to which the stability in the UK property market is attributed by Assetz is the current interest rate, which has remained unchanged for the past 11 months.

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