The Land Registry data for homes in England and Wales during November reported that the average price for a property stood at £186,009 and the most recent activity of "fewer transactions and small monthly price increases" was indicative of a much calmer and stable market.
However December reports from Nationwide and Hometrack showed a 0.5 per cent and 0.3 per cent decline in house prices respectively, going directly against the latest Land Registry figures.
Nicholas Leeming, major clients' director at propertyfinder.com said of Land Registry's report: “Today’s data shows the housing market is remarkably resilient in the face of the credit squeeze. Price growth has slowed as buyers and sellers have reached a stalemate, but sellers’ reluctance to accept low offers, indicates we are not in an environment of forced sales.
"Financial turmoil has nevertheless impacted on confidence and it will take the market some time to adjust to the government’s chaotic roll out of HIPs – these factors will impact on transaction levels for some months.
"The first half of 2008 will see price growth slow to a crawl and the MPC should act sooner rather than later to spur confidence in the market and encourage a recovery in the housing market, one of the engines of the British economy.”
Ultimately, whether dipping into negative growth or staying above zero, the latest data does show the market levelling off, with growth now fluctuating between the 1 per cent and -1 per cent marker.
