Inflation

House prices in England and Wales are growing at their lowest rate since July 2006, according to the Land Registry.

House prices have fallen in July in response to interest rate rises and the average mortgage being sought by first time buyers has reached its lowest level in 18 months, a report suggests.

A quarter of university towns in the UK recorded a rise in house prices of 20% or more over the past year, according to Halifax's annual review of university house prices.

The latest Lloyds TSB Scotland House Price Monitor has found that house price growth is beginning to slow north of the border.

Confirmation interest rates are likely to hit 6% before dropping has sparked angry protests across the industry.

Research published today by the National Housing Federation (NHF) claims that the average house price in England will rise to over £300,000 within five years.

Ratings agency Fitch claims that UK house prices could be as much as 20% overvalued compared with their long-term average.

House prices will begin to fall in August as interest rates give homebuyers the upper hand in the negotiating process, according to Your Move.

The UK economy grew faster than expected in the second quarter of 2007, indicating that further interest rate rises may be needed to curb inflation, according to the Office for National Statistics.

The rate of inflation facing the over-75s fell from 3.4% to 3.1% in June but it remains higher than the inflation rates facing other age groups, according to data from Alliance Trust, the financial services group.