UK house price growth in May cools to lowest rate since 2013

House prices rose at their slowest annual rate since 2013 in May, continuing the slowdown seen since the UK voted to leave the European Union. The Office for National Statistics said that average UK house prices rose 3% in the year to May, the slowest annual rate since August 2013, compared to 3.5% in April. The average house price in the UK was unchanged from April at £226,000, and stood at £479,000 in London, the most expensive region. The average fell 0.4% in the capital, while rising 6.3% in the East Midlands and 5% in the West Midlands. In the North East they were up 1.3%, in Scotland 4.9%, 1% in Wales. Economists at PwC said they expected London house prices to continue falling this year and next, while forecasting overall UK growth of about 3% per year over the next decade.

BBC News (18/07/2018)   Daily Mail(18/07/2018)