House prices rose at their slowest pace since 2013 last year as economic uncertainty, stagnating sales and high prices brought an end to the property boom.
Official figures show prices increased by 4.8% in 2017, down from an annual growth rate of 7% the year before. At the same time, the total number of house purchases fell slightly, down by 7,000 and marking the first drop since 2011.
The slowdown has been led by London and the south of England, where buyers are reaching the peak of what they can afford under mortgage regulations. House prices in the capital are 14 times higher than average earnings in the city, but buyers are only allowed to borrow up to 4.5 times income.
