Slowdown in UK house price growth

The Office for National Statistics (ONS) latest figures have suggested that UK house price growth eased in the year to April. Prices rose by 5.5%, which is the slowest annual price growth since December 2013, compared with a 9.6% rise in the year to March.The overall slowdown in growth has been linked to the slowest growth in London for two-and-a-half years at 4.3%. Jonathan Samuels, chief executive of Dragonfly Property Finance, said “If, as this report suggests, the extent of the drop-off in annual prices between March and April is due to the price slowdown in London, this underlines quite powerfully the extent to which the capital can skew the UK average.”“But while annual London prices fell below the UK average for the first time in nine years in April, I wouldn’t expect them to stay there for long.”Based on a monthly statistics, UK prices fell by 1.3% from March, with the average house price now standing at £271,000.View the full statistical report here.The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.Setfords Solicitors are a national full service law firm, with conveyancing solicitors in Guildford and across the country.