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The Office for National Statistics says UK house prices have soared by 12.1 per cent in the past year - but this masks yet another sign of the rapidly cooling market, with more recent periods seeing price falls.

According to ONS data, house price annual inflation was at 12.5 per cent in England, 5.8 per cent in Wales, 7.6 per cent in Scotland and 10.9 per cent in Northern Ireland.

London, predictably, recorded the biggest rise in prices with 18.8 per cent, but excluding London and the south east of England, UK house prices elsewhere increased by a more modest 9.1% in the 12 months to the end of September.

The average UK house price in September was £273,000 and slightly down from £274,000 in August.

The regional breakdown showed that the average property price in England stood at £285,000, £172,000 in Wales, £143,000 in Northern Ireland and £197,000 in Scotland.

However, as we often point out on Estate Agent Today, more up to date information produced bythe Nationwide and the Halifax, based on their own mortgage data, shows that house prices have slowed more in the month of October.

In a trading update, high end estate agent Savills says it expects the UK residential property market to be subdued during the build-up to the general election next May.


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