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Slowest growth in UK housing market in five years

UK house price growth in June slowed to the lowest rate since August 2013. According to the Office for National Statistics (ONS), this slowdown was mainly affected by the falling prices in London, where properties dropped from 0.7% to negative 0.2%. The report shows an average house price growth of 3%, down from 3.5% in May – the lowest annual rate in five years.

In June 2018, the UK average house price was £228,000 – £6,000 more than in June 2017 and £1,000 higher than last month. Across the UK, all properties showed an increase in average price in June 2018 when compared with the same month in the previous year:

  • Semi-detached houses had the biggest increase, rising by 4.4% in the year to June 2018 to £216,000.
  • The average price of flats and maisonettes increased by 0.5% in the year to June 2018, to £204,000, the lowest annual growth of all property types.

The main contribution to the increase in UK house prices came from England, where house prices increased by 2.7% over the year to June 2018, with the average price in England now £245,000. Wales saw house prices increase by 4.3% over the last 12 months to stand at £157,000. In Scotland, the average price increased by 4.8% over the year to stand at £150,000.

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