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London house price growth 'stalling'

House price growth in the UK capital is showing signs of slowing down, according to property website Rightmove.The monthly increase in London property asking prices from May to June reached only 0.7 per cent to £387,898. Annual growth in London now stands at 23.1 per cent.Rightmove says this is lower than growth rates achieved in many other parts of the UK included the north and south-west of England, Wales and the East Midlands.Only West Midlands stood out above two per cent growth in June. Asking prices in this region rose by 5.8 per cent, a monthly change of £11,231.East Anglia, the north-west and Yorkshire and Humberside all saw negative growth."We can expect a drop in house price over the next few months," Rightmove commercial director Miles Shipside predicted."The gap between house prices in London and the rest of the UK is getting narrower.London is falling behind the rest of the country."House prices in London fell in 17 of the capital's 32 boroughs, he added.Mr Shipside also said interest rate decisions correctly be more difficult for the Bank of England in the coming months, given doubts created by the uncertain effect of the introduction of mandatory home information packs."The future direction of the market is very hard to read with external influences likely to coincide at the same time," he concluded."Gordon Brown has a tough challenge ahead of him."

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