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Annual house price growth slows

The annual growth of house prices in the UK slowed in to 5.2% for the year of 2007 half of the rate that was seen in the summer.  December saw a rise of 1.3% according to the Halifax the first rise for 4 months.

The surprise rise in December is against a back drop of difficult housing market conditions as the big banks are struggling to raise the funds necessary to lend money to consumers in the wake of the credit crunch.

The questions of affordability is also adding to the issues especially facing First time buyers as house prices have now risen to an average of £197,039 over 5 times the average salary in the UK.

The outlook for 2008 is mixed with most analysts believing that house prices in 2008 will be either flat or very small single digit rises, although in some areas where an over supply of new build two bed flats could see falls. 

Research conducted by www.mortgagebroker.co.uk has shown a 15% increase in first time buyers seeking advice from mortgage brokers in the first week of January compared with the first week of November 2007.

Showing that the interest levels buying properties remains high despite the mixed predictions.   

25 January 08

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