London property slump puts brake on UK house price growth

Posted: Aug 20, 2018

UK house price growth slowed in June to the lowest annual rate in five years, driven by falling prices in London, according to official figures.

Average house prices across the country increased 3% in the year to June, down from a 3.5% gain in May, the lowest annual rate since August 2013, the Office for National Statistics (ONS) said. The average price of a UK home was £228,000 – about £6,000 higher than in June 2017 and £1,000 higher than in May.

The annual UK growth rate has slowed steadily since summer 2016 and has remained below 5% throughout 2017 and 2018, with the exception of October 2017.