Slowed House Price Growth for London in April

HONG KONG - June 22, 2015 - PRLog -- House price growth in London slowed significantly in April but prices were still up 5.5 % over the year.

Figures published today by the Office for National Statistics show prices rose 5.5 per cent to £271,000 in the 12 months to April, the slowest rate of annual growth in 16 months.

April’s growth was significantly less than the month before, when the ONS reported that prices had risen 9.6% in the year to March. The UK mix-adjusted house price index fell 0.6% from the record level witnessed in March 2015 to reach 208.4. The UK index is 12.3% higher than the pre-economic downturn peak of 185.5 in January 2008.

On a seasonally adjusted basis, average house prices fell by 1.3% between March and April 2015, compared to an increase of 2.3% in average prices during the same period a year earlier.

London continued to be the English region with the highest average house price at £493,000 and the North East had the lowest average house price at £155,000. London, the South East and the East all had prices higher than the UK average price of £271,000.

Excluding London and the South East, the average UK mix-adjusted house price was £208,000.