Southern slump stunts UK house price

House price growth slowed to its lowest annual rate in five years in June, driven by the slowdown in the south and east of England, especially in London. Average UK house prices increased 3% in the year to June, down from 3.5% in May, according to the Office for National Statistics (ONS), which said the average price of a UK home was now £228,000. In London, house prices dropped 0.7% in the year, the lowest annual growth rate since September 2009 when they fell 3.2%. Jeremy Leaf, former RICS residential chairman, said: “House price growth outside of London is being supported by a continuing shortage of stock whereas the capital and the south-east can’t hide behind this excuse any longer".

Financial Times (15/08/2018)   The Guardian (15/08/2018)