House price growth stabilised in July

The Assetz House Price Watch has reported that growth in the housing market stabilised in July, with the annualised growth rate standing at 10.1 per cent.

This is down from June's 11.1 per cent figure, according to the study, which collates figures from the five major price indices. However, Assetz confirmed that a more significant fall in price growth was highly unlikely.

Moving forwards, growth will likely stabilise at around eight per cent in the autumn, Assetz chief executive Stuart Law advised, buoyed by the likelihood that interest rates have now ended their upwards trend.

"With no chance of any short or even medium term solution to the housing shortage, there is little cause for concern," Mr Law commented.

"We are likely to now witness a stabilisation in interest rates, with a downward turn a realistic possibility for the not too distant future," he added.

The Bank of England voted unanimously (9-0) to hold rates at 5.75 per cent this month, according to minutes released earlier this week.


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