The annual rise in UK house prices slowed in October, official figures show, but prices still went up much faster than the general cost of living.
UK property prices increased by 10.4% annually in October, down from 12.1% the previous month, the Office for National Statistics (ONS) said.
The average home in the UK was valued at £271,000, the ONS said.
The biggest-ever monthly drop in asking prices was reported by Rightmove this morning.
However, the portal measured 76,823 asking prices of properties put on sale by agents from November 9 to December 7 – almost every single one of which would have been priced before George Osborne’s SDLT reforms on December 3.
The average asking price was £258,424, down nearly £9,000 or 3.3% on the previous month’s figure of £267,127.
The Land Registry's house price index shows an annual price increase of 7.7 per cent which takes the average property value in England and Wales to £177,377 - but with rises dwindling in recent weeks.
House prices are up only 0.1 per cent since September. The region which experienced the greatest increase in its average property value over the last 12 months is of course London with a rise of 18.6 per cent. The east of England, however, experienced the greatest monthly rise in September with a movement of 1.6 per cent.
House price growth picked up to 12.1% in the year to the end of September, official figures show, despite other surveys suggesting a slowdown.
The rate increased from 11.7% year-on-year growth the previous month, the Office for National Statistics said, with prices rising fastest in London.
A dip in activity in the UK housing market and slowing property prices will only be "temporary", surveyors say.
Demand from new buyers slowed for the fourth consecutive month in October, the Royal Institution of Chartered Surveyors (Rics) said.
A drop in mortgage lending to first-time buyers signals a dip in confidence among those intending to buy a home, according to mortgage brokers.
The number of loans approved to first-time buyers stood at 26,800 in September, the latest figures from the Council of Mortgage Lenders (CML) show.
House prices in England and Wales fell by 0.2% in September - the biggest monthly fall in nearly a year, according to the Land Registry.
Annual house price inflation also fell, from 8.4% in August, to 7.2% in September.
That is the first time since May 2013 that the yearly rate has gone down, the Land Registry said.
Annual house price growth accelerated to 8.4% in England and Wales in August - the highest rate of increase for nearly seven years, figures show.
The Land Registry said prices were up by 1% compared with July, with increases again driven by London.
Four luxury apartments in a development with views of Buckingham Palace have broken the price record for properties in London’s Mayfair – an announcement that will add to fears that wealthy foreign buyers are fuelling a housing bubble in the capital.
British Land, one of Britain’s biggest developers, said it had sold 18 of the 34 flats in its “super-prime” Clarges Mayfair development for a total of £210m – an average of just over £11.6m each – even though work only began on the site earlier this year.
Six regions of the UK now have average house prices higher than their pre-financial crisis peak after values rose again in July, figures show.
The East Midlands, West Midlands and South West of England have joined London, the East of England and the South East of England in rising above the peak of late 2007 and early 2008.
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