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| House prices continue to outstrip inflation rate | House prices continue to outstrip inflation rate |
| (35 minutes later) | |
| The annual rise in UK house prices slowed in October, official figures show, but prices still went up much faster than the general cost of living. | |
| UK property prices increased by 10.4% annually in October, down from 12.1% the previous month, the Office for National Statistics (ONS) said. | UK property prices increased by 10.4% annually in October, down from 12.1% the previous month, the Office for National Statistics (ONS) said. |
| The average home in the UK was valued at £271,000, the ONS said. | The average home in the UK was valued at £271,000, the ONS said. |
| This comes on the day that the ONS reported the rate of inflation stood at just 1% in November. | This comes on the day that the ONS reported the rate of inflation stood at just 1% in November. |
| This was the lowest level for the Consumer Prices Index (CPI) measure of inflation for 12 years. | This was the lowest level for the Consumer Prices Index (CPI) measure of inflation for 12 years. |
| Annual house price rises were fastest in England at 10.8%, followed by 5.7% in Wales, 4.9% in Scotland and 4.9% in Northern Ireland. | |
| Regionally, increases were driven by London, which saw prices rise year-on-year by 17.2%. They increased by 11.9% in the South East of England and by 9.6% in the East of England. | |
| "There is still momentum in the market although it is definitely slowing," said Mark Harris, chief executive of mortgage broker SPF Private Clients. | |
| This has been echoed by figures in various other surveys. Mortgage lenders Nationwide and Halifax have both reported a slowdown in the UK housing market in recent months. | |
| The ONS said that the slowest annual increase was a 3.9% rise in the North East of England. | |
| It also said that first-time buyers were seeing sharper house price rises compared with owners moving home. | |
| Prices paid by first-time buyers were 12% higher on average in October compared with a year earlier. Existing owners saw prices increase by 9.7%, on average, over the same period. |