Land Registry says UK annual house price growth slowed to 0.9% in August
Annual growth eased from 1.2% in July, the fourth monthly slowdown in a row, and London prices fell 2.2% over the year.
Annual house price growth in the UK slowed for the fourth month in a row in August, according to the Land Registry House Price Index. Prices rose 0.9% over the year, down from 1.2% in July, and the average property price reached £272,611.
Monthly growth also eased, falling from 0.6% in July to 0.3% in August.
England had the slowest annual growth of the four nations, with prices up 0.4% to an average of £294,000. Prices in Wales rose 3.1% to £216,000 and prices in Scotland rose 2.9% to £198,000. Northern Ireland had the strongest growth at 9.2%, with an average price of £202,000 in the second quarter.
Among the English regions, the North East had the highest annual growth at 3.2%, down from 4.7% the month before. London was the weakest region, with prices down 2.2% over the year, a smaller fall than the 3.2% drop in July. Prices of London flats fell 5.0% over the year.
Jason Tebb, president of OnTheMarket, said higher stock levels and affordability pressures were holding back price growth. "The picture is mixed, with some lenders raising rates at the same time as others trim theirs," he said. Richard Donnell, executive director of research at Zoopla, said higher mortgage rates had affected buyer enquiries and sales.
Nicky Stevenson, managing director of Fine & Country, said the number of homes for sale was at its highest level for this time of year since 2014. Iain McKenzie, chief executive of The Guild of Property Professionals, said inflation had risen to 3.1%. "For sellers, realistic pricing from the outset will be essential if they want to attract serious buyers," he said.
