According to the survey UK house price inflation fell from 14.3 per cent in July to 13.6 per cent in August. This was due to a rise of 1.2 per cent in prices between July and August compared with a rise of 1.8 per cent over the same period last year.
Bernard Clarke, communications manager for the CML, said: “These findings are in line with our view of a gradual slowdown in the housing market to a more sustainable level.”
The rise in UK prices between July and August was broad-based, with prices for detached properties rising by 1.5 per cent, semi-detached by 1 per cent, terraced houses by 0.9 per cent and flats by 1 per cent.
The house price inflation rate for first-time buyers fell from 17.6 per cent in July to 15.6 per cent in August. This was due to an increase of 0.4 per cent between July and August compared with an increase of 2.1 per cent over the same period last year.
The new mix-adjusted house price index is based on an enlarged sample of completions data (about 30,000 per month) from approximately 50 mortgage lenders.
Ray Boulger, senior technical manager at Charcol, said: “This index is further evidence of the trend that we all knew was happening.”
