House prices increased by just 0.1 per cent month-on-month in July marking the weakest growth in 18 months amid signs of a rapid cool down in the London market it was reported yesterday.
The momentum of price rises in the London market has “slowed dramatically”, with just 12 per cent of postcodes in the capital registering price gains in July and 11 per cent seeing falls, Hometrack’s latest report found.
It said this marked the first time in four years that London, which is seen as the engine of house price growth, has had a smaller proportion of markets registering price gains than regions across England and Wales.
House prices were unchanged month-on-month in London, Wales and the North East, while they increased by 0.1 per cent in Yorkshire and Humberside, by 0.2 per cent in the East and West Midlands and the North West and by 0.3 per cent in the South East and the South West.
Around one quarter (24%) of districts saw increases over the month, falling back from spring, when around half of postcodes were recording gains.
About 1.5 per cent of the country, by postcode, saw prices fall month-on-month in July.