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House price rise 'slowing as expected'

By Jonathan Dawes, Wed 17 Mar 2010 - Published in Mortgages

The rise in house prices is starting to slow, but one expert claims this is to be expected.

Recent figures from Rightmove showed that house values increased by just 0.1 per cent in March, making it the lowest rise ever recorded for the month. The increase is the equivalent to sellers asking for only £216 more for their home.

Commenting on the report, Stuart Law, chief executive of property investment adviser Assetz, claimed the prices could not continue with the strong growth they have seen of late.

"The UK housing market was growing at 11 per cent per year until the end of last year and we didn't think it could carry on at that rate. It is slowing down a bit as expected," he explained.

Mr Law also predicted that the UK housing market will not experience a "double dip" recession, as it is unlikely values will fall below the prices which were seen last year.

Figures from Nationwide show that the price of the average property sold during February was £161,320, after the expiry of stamp duty holiday and snowy weather caused a one per cent month-on-month fall in prices.