House price growth slows to five-year low

UK house price growth has hit a five-year low, according to the Office for National Statistics, with London weathering the lowest annual growth in the country at -1.7%. Annual growth in October was 2.7% in England, slowing from 3% in September, while average prices fell by 0.2% between September and October, taking the average UK house price to £231,000. The strongest annual growth (4.9%) was recorded in the North West, while growth in the North East dropped to -0.1%. The average house price rose annually in Wales by 3.8% to reach £161,000; by 4.4% in Scotland to £152,000; and 4.8% in Northern Ireland to £135,000. Industry experts blamed the tough climate on continued Brexit uncertainty. Landbay chief executive John Goodall added: “Combine this with the traditional seasonal slowdown, alongside historically low levels of transactions, and stagnant house price growth really is no surprise.”

Source: The Daily Telegraph   (20/12/2018)