Agreed house prices are continuing to rise, though the rate of growth has slowed considerably, says estate agent Your Move.

With many lenders reviewing their mortgage rates as higher base rates begin to impact, inflation in the housing market is finally cooling correspondingly. Agreed house prices rose by 0.4% in the last month, according to Your Move from July’s average of £182,012 to August’s figure of £182,438.

David Newnes, managing director of Your Move, said: “House price inflation is finally showing real evidence of slowing. Five base rate rises this year are clearly having the desired effect.
“The holiday season over August usually contributes to a seasonal slowdown. The implementation of Home Information Packs (HIPs) has clearly hampered the market a little over the summer months. But the flattening off of house prices shouldn’t be seen as cause for panic. Rather, it should be seen as a sign of success in inflationary control for the Bank of England. We would therefore urge the MPC not to put rates up any further.”