Annual house price growth slowed in December

Property values increased by 9.8% in the 12 months to December 2022, compared with the 10.6% annual growth recorded the previous month. The average UK house price in December 2022 was £294,000, £26,000 higher than 12 months earlier, according to the Office for National Statistics (ONS). On a month-on-month basis, the average UK house price edged down in December 2022, from £296,000 in November 2022. Average house prices increased over the 12 months to £315,000 (10.3% annual growth) in England, £222,000 in Wales (10.3%), £187,000 in Scotland (5.7%) and £175,000 in Northern Ireland (10.2%). Regionally, the East Midlands recorded the highest annual percentage increase in house prices in December, at 12.3%, while London recorded the lowest, at 6.7%. London's average house prices remain the most expensive of any region in the UK, with an average price of £543,000 in December 2022. The report warned that annual percentage changes in house prices have been affected by the stamp duty holiday which ended in 2021, leading to some volatility in the figures. 

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