House price growth slowest for seven years, says ONS

Houses

UK house prices rose at a slower rate in the year to July than at any time since September 2012, up by 0.7%, official figures show.

The Office for National Statistics (ONS) said there had been general slowdown in UK property price growth in the last three years.

This was driven by a slowing market in London and south-eastern England.

But the latest figures show the biggest drop in prices in the last year was in the North East of England.

Property values in the region fell by 2.9% in the year to July and were down by 2.1% in July compared with June, the data from the ONS and Land Registry shows.

On an annual basis, there were also falls in house prices in the South East of England (down 2%), London (down 1.4%), and the East of England (down 0.5%).

Overall in the UK, the annual rise of 0.7% was the slowest since the 0.4% rise of September 2012. The biggest rise was in Wales, up 4.2%. The typical property in the UK is now valued at £233,000.

David Westgate, chief executive at Andrews Property Group, said: "July's house price data is yet more evidence of a property market with a distinct lack of momentum."

The ONS/Land Registry data is generally considered to be the most accurate house price estimate, although it covers a period which is slightly earlier than other surveys.

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