Annual UK house price growth slows to lowest level in more than a decade
Annual house price growth across the UK has slowed to the lowest level in more than a decade, with property values in the south of England under the greatest pressure.
The lender Halifax said average prices in April were 0.1% higher than the same month a year ago, the lowest rate of growth since December 2012 and down from March’s annual growth rate of 1.6%.
Average prices fell 0.3% in April compared with a month earlier, taking the typical UK propertyprice to £286,896. This is about £7,000 below last summer’s peak, but about £28,000 higher than two years ago.
The Halifax report showed a mixed picture for house prices in different regions of the UK.
The four regions of southern England recorded house price falls over the past year, with the south-east showing the largest dip (of 0.6%, to an average house price of £387,469), while in all other regions and nations across the UK annual price growth remained positive in April.
In the regions in the south – Greater London, eastern England, the south-east and the south-west – buyers face the most expensive average property prices, and therefore the biggest impact of higher borrowing costs after 11 successive interest rate rises by the Bank of England. London continues to have the costliest homes anywhere in the country, and the average price fell by 0.2% year on year to £538,409.
Elsewhere, the West Midlands posted the strongest annual growth of 3.1%, taking the average property price to £249,554.
Just behind were Northern Ireland with annual growth of 2.7% to £186,846, Scotland with an annual gain of 2.2% to an average £201,489, and Wales with 1% growth to £216,559.
Kim Kinnaird, the director of Halifax Mortgages, said: “House price movements over recent months have largely mirrored
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