UK house prices continue to grow but signs of New Year hangover in London market
Commenting on the ONS house price figures out today, Richard Snook, senior economist, PwC, said:
“In the first housing release of 2018, data from the ONS and Land Registry show a fairly benign picture in the market.
“House price inflation dipped to 5.1% in the year to November, but there was a big upward revision to the October data from 4.5% to 5.4% due in part, to a change in how the figures are calculated. Taken together, these alter the recent story from one of a deteriorating market, to one that appears relatively stable. The price of a typical UK house was £226,100 in November 2017, from £225,700 in October.
“Continuing the recent regional trend, London is the weakest performer. House prices have now declined for four consecutive months, from the high of £490,000 in July to £482,000 in November. But due to growth earlier in the year prices are still 2.3% higher than twelve months ago.”
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