More agencies report slowdown in price growth and sales

Your Move and Reeds Rains, both part of LSL Property Services, are the latest agencies to admit a slowdown in house price growth.

Prices did not rise at all during October, taking the annual rate of house price inflation down to 0.8 per cent - the slowest annual rate since early 2012.

With an average house price of £298,438 the current level is roughly the same as in November 2016. 

However, there are significant regional differences; most regions, in fact, have seen annual house price rises of around three per cent but the England and Wales average is dragged down by poorer performances in Wales, the north east of England and in particular Greater London.

London prices have dipped by an average 2.4 per cent over the past year. LSL reports that expensive homes are falling most - prices in the 11 wealthiest boroughs in the capital are down 5.6 per cent annually, while the lowest cost boroughs have actually risen in price by an average one per cent.

Transaction levels in the capital are more robust - down just one per cent on the same period of last year.

LSL says there has also been a strong shift from flats to houses.

While transaction levels in the third quarter of this year were essentially the same as in Q3 2016, flats saw a six per cent drop in sales in England and Wales.

However, sales of detached houses were flat while sales of semi-detached properties increased by four per cent.