November house prices stable

House prices in England and Wales were broadly stable in November, according to new figures, rising by 0.6 per cent.

Statistics from the Land Registry revealed that average house prices rose to £186,009 during the month, leaving the annual rate of inflation the same at 8.1 per cent.

"After robust growth in the early part of 2007, the November monthly growth rate reflects a calmer market," the report said.

The increase in prices was the greatest in London, with monthly inflation of 1.1 per cent, but the annual rate of growth remained at 15.6 per cent. The average price of a home in the capital was £355,643 in November.

In contrast, the north-east of England saw the lowest annual house price rise during the month, with an increase of just 3.3 per cent.

This 'calming' is reflected in new figures from the Bank of England, which indicate that the availability of mortgages has declined over the last three months.

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