The price of UK house prices has been growing for quite a while, but figures from the Halifax and Nationwide show that the growth is easing.

The price of houses is still growing well above the inflation rate, however, it seems the rate is beginning to slow down. Indeed, other big-name lenders in the market have predicted that the slowdown will continue until the beginning of 2005.

They predict that the housing market in the north and west will soon become much like the market in the south and east where the price growth has been described as 'modest' in the past year.

Although industry watchers have been predicting an end to house price growth for several years, the market has continued growing.

Many buyers have been forced out of the market because of the high prices, yet there are enough people still buying to keep the market moving.

Those responsible for maintaining our economy (banks, building societies etc) are said to be trying to engineer a "soft landing".

A crash in UK house prices is a big risk facing the UK economy and is something that will affect lenders just as badly as individual homeowners.