slow rate of growth for UK house prices

Figures from the Office for National Statistics (ONS) show that house prices rose in February at the slowest rate since September 2012, while in London prices fell. 

The average price for a house increased by 0.6% in the year to February 2019 to £226,000, £1000 higher than a year ago.

In London prices fell by 3.8%, the largest fall since the middle of 2009 and also the largest since the immediate aftermath of the financial crisis. However the capital remains the most expensive place to buy property in the UK with an average price of £460,000.

Other indicators have also pointed to a subdued housing market. For example Halifax, the UK's biggest lender, said recently that property prices had fallen by 1.6% in March compared to February.

Ben Furnell, Managing Director at Furnell Residential, said: "The housing market is feeling the full force of the continuing uncertainty surrounding Brexit with London being particularly badly hit.

"Industry analysts are already predicting that later in the year the market is heading for the first fall in property values since the financial crash.  

"The negativity does not seem as acute in our area as we are still seeing stock coming to market much of which is selling quickly providing it is priced according to current conditions."