House price growth slows
There appears to a slowing down in the pace of house price growth in London and UK, except for Northern Ireland and the south west. The new data released by the Office of National Statistics showed that the annual rate of house price growth in London dropped from 11.2pc in the 12 months to March to 4.3pc in the year to May, that is the slowest pace since October 2012, the sharpest recorded slowdown in growth in the capital’s housing market since April 2005.
In reality it is more than a slow down, in April it was more like an emergency stop when brakes are applied fully, the average property value in the UK soared by 9.6pc over the year to March but then fell back 5.5pc in the 12 months to April, the sharpest slowdown in the annual growth rate since April 2005, according to official Government data.
Annual house price growth suffered its biggest slowdown for a decade, uncertainty over the election and fear of a Labour victory played a big part in causing the slowdown, the London market was most affected, that severe weakening of the London market had a knock on effect elsewhere in the UK.
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