London Home Prices Show Slight Uptick in July

London Home Prices Show Slight Uptick in July

Residential News » Residential Real Estate Edition | By Michael Gerrity | August 11, 2010 12:10 PM ET

According to the latest Chesterton Humberts/CEBR July House Price Poll of Polls Report, UK home prices increased slightly in July 2010.

Quarterly house price growth slowed to 0.4% in July, down from 2.6% in January. Although house prices rose by 0.7% over the month to July. Additionally, house prices in London grew by 0.4% in July as prices showed a small correction. Nationally, prices are 6.8% higher compared to this time last year.

The Chesterton Humberts' Poll of Polls brings together the leading house price indices to capture a unique look at properties for sale and that have been sold, in effect creating a medium value for house price polls.

Robert Bartlett, Chesterton Humberts' CEO, commented, "Low interest rates, increasing demand and more reasonable price expectations from vendors will keep the market ticking over steadily.  The threat of a double dip property recession has receded and we are entering a period of relative - and welcome - stability after all the turmoil of the past three years. 

While slowing slightly this month, prime central London property prices will continue to strengthen as overseas investors continue to show interest in London's relatively secure real estate."

We see the current slow down in the growth of property values being more aligned with the usual summer lull rather than anything more definitive at this stage."

Douglas McWilliams, Chief Executive of CEBR commented, "Whilst the annual rate of growth has started to slip, this is mainly due to base effects caused by the unsustainable pace of monthly house price increases this time last year. We have seen small monthly declines in house prices on most of the major indices, however, these are more often than not immediately followed by a rise in the following month. We expect that the annual rate of change will begin to stabilise at a more modest but nonetheless positive figure over the coming few months as the effect of the small correction in prices beings to subside and positive monthly growth continues."

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