House price growth 'cooling'

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House price growth 'cooling'

House price growth slowed in May 2007, according to the latest monthly survey from Nationwide.

The group's figures indicate that properties increased by 0.5 per cent in value during the month, compared to the 0.9 per cent growth that was experienced in April 2007.

Annual growth still remained strong, rising marginally by 0.1 per cent to 10.3 per cent during the month.

The price of a typical house is now believed to be £181,584, nearly £17, 000 higher than during the same period last year, while quarterly growth is at its lowest level since August 2006.

Nationwide's chief economist, Fionnuala Earley, said that while there was a "question" over whether the Bank of England's monetary policy committee would increase interest rates further, growing inflationary pressures would probably cause rates to be increased by a further quarter point to 5.75 per cent.

"Higher interest rates clearly present risks to the housing market, but providing the economy and particularly the labour market, remain in good shape, we should still be able to expect a measured cooling," she said.

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