House prices

Annual house price growth continues to slide

Annual house price growth slowed to 0.8% in October, according to the latest LSL Property Services house price index.

The average house price in the UK is now £298,438, with growth at its slowest rate since March 2012.

Residential property transactions have decreased 5% in the first nine months of 2017, compared with the same period last year.

House price growth in England and Wales had previously slowed to 1.7% annually in September 2017, with house prices in London now declining 2.4% annually.

Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “It’s a challenging time for the market, but outside London many regions are showing some resilience.

“We have yet to see how this will change in the months to come, particularly following the Autumn Budget when it has been rumoured the chancellor will make announcements that may impact the housing market.

“The good news, however, is that housing is clearly on the political agenda and any action that supports buyers and sellers – and positive movement in the market – has to be encouraged.”

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