House price growth to grind to halt
The latest figures from property website Rightmove have revealed annual house price inflation fell to 7.9% in November, down from 10.34% the month before.
London was the only region in England and Wales where prices rose, climbing 2.3% on the month, while all other areas registered a fall.
Asking prices dropped 0.7% during the month to 10 November to £239,986, with Rightmove predicting a similar outlook to last week's Nationwide report.
The building society expects growth in UK house prices to slow to zero during 2008 due to tighter credit market conditions and affordability issues.
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"Prices are set to flatline in 2008", said Rightmove's commercial director Miles Shipside Monday.
"While we do not expect a price drop overall, there will be parts of the country that are over-priced and over-supplied for the likely levels of affordability and demand next year," he added.
The report blamed the early onset of the winter sales slump for the drop in prices and highlighted a lengthening in the amount of time taken to sell a property from 85 days to 92 days.
