London’s housing market slowdown is the chief reason UK house price growth has eased in the year to April, according to official figures.
The Office for National Statistics says house prices rose by 5.5 per cent in the year to April compared with a 9.6 per cent rise in the year to March: the newer figure represents the slowest annual price growth since December 2013.
House price annual inflation was 5.8 per cent in England, 1.3 per cent in Wales, 2.2 per cent in Scotland and 8.8 per cent in Northern Ireland
This puts the UK average house price at £271,000. In the member countries this means an average of £284,000 in England, £169,000 in Wales, £147,000 in Northern Ireland and £191,000 in Scotland.
Prices in London rose 4.3%, the lowest growth rate in two-and-a-half years.
Andrew Bridges, managing director of London agency Stirling Ackroyd, claims: “Since these official figures for April, interest has roared back again – and housebuilding across the city just isn’t keeping up. More homes will be the only way to ensure a sustainable and more affordable pace of price growth, and prevent the property market from behaving so much like a stock market.”