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House price growth slows to 4.7%

House price growth slowed to 4.7% in the year to the end of May, from 5.3% a month earlier, figures from the Office for National Statistics showed.

On the month, prices rose 0.5%, giving an average house price of £220,713.

All regions reported a rise in prices, led by a 7.5% increase in the east of England. At the opposite end of the scale, prices in the northeast were up 1.6% and prices in London rose 3%.

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