house inflation rates fall

House price growth rate has slowed dramatically across the whole of the UK, reveals a report published today.

The report, published by Nationwide today, collates house price details from the first quarter of 2008. The figures show that average house price growth rate is down a third on the rate at the end of 2007, a drop from 6.9 percent to 2.2 percent.

The biggest rate drop was for properties in Northern Ireland where the figure fell from 24.2 percent, in the first quarter of 2007, to a startling -3.4 percent in the first quarter of this year.

Scotland has been the most resilient market in the UK, in the first quarter of this year, due in part to better lending conditions.

Fionnuala Earley, Nationwide's Chief Economist, said: “Scotland has now overtaken London in the league table of annual house price inflation.”

London prices continued to level out as recent economic uncertainty has reduced confidence in the City.
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