Sunday, December 16, 2007

Housing market continues to slow

The property market is still cooling, despite a slight rise in house prices during October, official figures show.

Prices rose by 0.1% in that month, the Department of Communities and Local Government (DCLG) said, compared with 0.3% in September.

The annual rate of house price inflation was 11.3%, up from 10.8% the previous month.

But the average figure for the three months to October, seen as a more reliable indicator, fell to 11.1%.

DCLG calculated that the average price of a home in the UK is now £220,195, just £84 more than the average price in September.

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