The slowdown in Britain’s housing market continues with prices rising at their slowest pace in more than five years.
Average property prices rose by 2.7% to £231,000 in the year to October, according to official government data. This is the lowest annual rate of growth since July 2013 when it was 2.3%.
London prices dragged on overall growth after recording their fifth consecutive month of decline. Prices in the capital are down 1.7%t in the year to October, according to the Land Registry and the Office for National Statistics.
A consistent fall in inner-London prices, which have been negative since January, has now spread to outer London boroughs where they fell by 0.2% in the 12 months — their first annual fall since September 2011.
The Guardian reoprted that analysts said slowing inflation and property prices, combined with the uncertainty about the government’s Brexit plans, meant the Bank of England would suppress its urge to raise interest rates at a meeting on Thursday and wait until at least the middle of next year.
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