Price growth slows

House price growth slowed in the last quarter of 2007, according to the latest figures from Nationwide.

The firm has published a report, revealing that growth slumped to just one per cent in the final three months of the year.

That is down on the 1.6 per cent growth recorded in the third quarter and put the average house price at £183,959.

"The annual rate of house price growth slowed in every part of the UK in the final quarter of 2007, bringing the average rate in the UK down from 9.3 per cent to 6.9 per cent," said Fionnuala Earley, chief economist at Nationwide.

"Price growth in Northern Ireland slowed most rapidly with the rate of growth falling to 24.2 per cent from 42.6 per cent in the third quarter.

"However, annual house price growth in the province was still faster than anywhere else in the UK and almost twice as fast as the second fastest region, London," she continued.

The north of England was named as the least expensive region, while London was confirmed as the most expensive.

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