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Last Updated: Monday, 12 September 2005, 10:01 GMT 11:01 UK
House price growth still cooling
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House prices are continuing to grow, but at a slower rate
House prices rose by an annual rate of 4% in July, a slowdown from June's 5%, according to the latest data from the Office of the Deputy Prime Minister.

During the three months to the end of July, price growth was 5% compared with the same period a year earlier.

The ODPM said all UK home countries saw a slowdown in house price growth during July, except Northern Ireland.

Separate figures from mortgage lenders show a somewhat blurred picture of the housing market in August.

Last week, Halifax said house prices rose by 1.6% in August, the biggest monthly gain in almost a year.

Yet the Nationwide said house prices dropped by 0.2% in August.

North/South divide

In July, the average cost of a UK home was 186,207, up from 184,162 in June, according to the ODPM.

House price growth across England was 3.1% in July, compared with June's 4.1%.

Scotland saw a decline to 12% from 14%, while Wales experienced a drop to 7.6% from 10.8%.

Prices in Northern Ireland rose to 15.9% from June's 14.2%.

The slowdown in house price growth

The level of house price growth fell in all English regions except the West Midlands between June and July.

England's northern regions were still those posting the highest level of house price inflation, with the North West up 7.3% in July, Yorkshire and Humber up 7.1%, and the North East 6.5% higher.

July's growth rate in the West Midlands was 5.7%, compared with 3.4% in the East Midlands, 3.1% in the East, 1.5% in the South West, 1.3% in the South East 1.3% and 0.9% in London.

London still has the most expensive properties in the whole of the UK, with the average price of a property in the capital now standing at 270,285.

The cheapest properties are to be found in the North East of England, where the average price is 134,034.




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