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Latest data from the Land Registry shows house prices rising by 0.6% (8.1% year-on-year) in November - the average house price coming in at £186,009. However, after robust growth in the early part of 2007, the updated figures reflect a calmer market.
That said - and after a dip in the previous month - London's house prices have proven more resilient than those of England and Wales as a whole - the 1.1% increase (greater than any other region) leaving the capital's prices 15.6%, higher year-on-year.
All regions in England and Wales experienced increases in their average price over the previous 12 months, although the gain in an uderperforming North East region was only 3.3%, following a 0.9% decline in November.
Meanwhile, of the county or unitary authorities, the City of Nottingham experienced the smallest annual price change, with a movement of 2.8%.
Blaenau Gwent saw the strongest monthly growth with 3%, while Stockton-On-Tees at the opposite extreme witnessed a 1.4% fall.
On an annual basis the metropolitan district with the highest price increase was Oldham, rising by 10.3%. The highest monthly increase was in Newcastle upon Tyne, with a gain of 1.6%.
St Helens meanwhile experienced annual growth of 1.9%, making it the lowest performing metropolitan district in terms of annual price change.
Both Bolton and Sefton had the most significant monthly price falls, with a movement of -1%.
Elsewhere, the borough with the highest annual price increase was Kensington and Chelsea, rising by 30.4%. This contrasted with Redbridge, which experienced annual growth of 8.4%, making it the lowest performing borough in terms of annual price change.
Nicholas Leeming, of propertyfinder.com notes that the latest Land Registry data shows the housing market in remarkably resilient shape despite the credit squeeze. Price growth has slowed as buyers and sellers have reached a stalemate, but sellers' reluctance to accept low offers, indicates we are not in an environment of forced sales.
"Financial turmoil has nevertheless impacted on confidence and it will take the market some time to adjust to the Government's chaotic roll out of HIPs - these factors will impact on transaction levels for some months.
"The first half of 2008 will see price growth slow to a crawl and the MPC should act sooner rather than later to spur confidence in the market and encourage a recovery in the housing market, one of the engines of the British economy," he adds.
03 January 2008 © Moneyextra.com
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