UK house price growth continues to falter, remaining negative in London
Commenting on the ONS house price figures out today, Thomas Fisher, economist at PwC, said:
“Today’s release from the ONS and Land Registry shows that UK house price growth continued to falter in March, while London house price inflation remained negative with the weakest growth rate since 2009.
"While house price inflation of 4.2% in the year to March 2018 is the same as the growth in house prices in the year to February, the shorter-term month-on-month price changes point towards weakness in the market. Across England, house prices in all but one region, the East of England, fell between February and March. For the UK as a whole, average house prices fell 0.2% from the month before.
"For London, annual house price inflation turned negative at -0.7%, the weakest growth rate since September 2009 in the aftermath of the financial crisis. The London housing market has been weakening ever since the Brexit vote in mid-2016 and this shows no signs of letting up yet.
"The growing consistency of house price weakening across regions means that risks are weighted to the downside for the remainder of 2018. We anticipate that UK average annual house price growth in 2018 is likely to slow to less than 4%."
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