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City analysts today warned the government that the British economy is set to witness a recession which could last up to 18 months. Capital Economics predicts that the gross domestic product for the...
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Tuesday 20th May 2008
UK house price growth has moderated over the last year, but there is scant evidence of a crisis, according to property investment group.
According to data from Assetz House Price Watch, which employs data from the UK's leading monthly studies and collates it, the average UK property is now worth 1.7 per cent more than it was 12 months ago.
This is in stark contrast to reports from Nationwide and Halifax which showed that house values have fallen by around one per cent during the period.
Stuart Law, chief executive of the property investment group, said that the findings represent a stabilising of the market after the period of unsustainable growth that immediately preceded it.
He said: "While house prices fell by 0.6 per cent in April, prices remain up on the previous year and I am yet to see any firm evidence of a housing market crash."
Assetz calculates that the value of the average UK home now stands at £211,014 – compared with £208,735.
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