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North-west house price growth takes a hit in June

18/06/2007


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House price growth in the north-west fell between May and June, new figures have shown.

An index compiled by property website Rightmove has revealed that prices dropped by 0.4 per cent over the month, slowing annual growth from 7.5 to 6.5 per cent.

The average value of a home in the region now stands at £171,362, although this drops to £125,814 in Greater Manchester , according to the Land Registry.

Rightmove's findings suggest that the decline in pace in the north-west echoes that of London, where house price inflation fell behind the national average.

Commercial director Miles Shipside said that higher interest rates combined with the rush to sell before home information packs are enforced has made it a buyers' market.

"More property available is good news for buyers as sellers that need to sell urgently will have to drop their price," he added.

These latest figures follow a government survey released last week that showed that house price inflation in the north-west hit 7.9 per cent in the 12 months to April, which is well above the 6.5 per cent recorded in April last year.

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