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House price growth in London has slowed, new figures indicate.

According to figures released by haart, property in the capital rose by 0.1 per cent over the course of May to £264,801.

The announcement is likely to be welcomed by homeowners in the region as levels of monthly home and secured loan repayments could stay consistent.

Chief executive Paul Smith claimed that the stabilising of London house prices was due to a "change in the balance between supply and demand" as sellers attempted to beat the then June 1st deadline for home information packs.

He said: "In addition, the widely predicted interest rate rise at the beginning of the month has made buyers increasingly price sensitive and only the correctly priced properties are selling."

Mr Smith added that last month’s interest rate rise was "not good news for first-time buyers".

Last month, Helen Adams, managing director of FirstRungNow, suggested that rising property prices have led to an increasing proportion of first-time buyers looking to get financial aid from their parents to help meet property costs and secured loan repayments.

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