Latest Rightmove figures suggest the UK housing market is inreasingly cooling, as year-on-year price increases slow further.
Rightmove's latest monthly survey finds house prices remain 13.4% higher year-on-year, down from a rate of 16.4% just one month ago.
Despite that annualised fall, asking prices actually increased by 0.6% between September 12th to October 9th, against a 2% drop two months previously.
House prices in Greater London increased by 1.6% over the past month, from an average price of £276,664 in September to £281,064 in October.
The regions recorded an fall in the average annualised rate of house price inflation to 6.9% from 10%.
East Anglia saw prices drop 2.2% over the month, with the annualised rate down to 5.2% from 14.4%, according to Rightmove.
All but two regions experienced decreases in the annual rate of house price inflation.
The Northern region dropped a sizeable 10%, to an annualised rate of 21.6% from 31.3%.
Rightmove predicts single digit growth rates for house price inflation during 2005.
The average asking price for a house in the UK is now at £193,536.
Properties per estate agents have peaked at their highest levels in more than two years.
Looking forward, Rightmove suggests that the Bank of England's Monetary Policy Committee will not raise the cost of borrowing when it meets early next month.
Miles Shipside, commercial director, says: “We continue to see a moderation in house price inflation, as wiser sellers adopt a more realistic view of the value of their homes."
“With 3% off the annual rate this month, I’d expect to finish the year with a rate for 2004 of around 11%, give or take a little. Looking further forward into 2005, we should be back into single digit house price rises.”IFAonline
Speaking at Professional Adviser's conference
Equity release panel
Speaking at PA360
TISA's Peter Smith
Shone a light on 'closet trackers'