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House price growth continues to slow as London comes off the boil

House prices rose 9.8% in the year to December across the whole of the UK. However the pace of increases has now declined for three consecutive months, according to figures from the Office for National Statistics. While London posted the highest price increases, up 13.3% on the previous year, the ONS data confirm estate agents' reports and survey evidence that the market is coming off the boil. Despite the double-digit increase, the rate of growth is at an 11-month low for London and represents a sharp drop on the previous month, when it was showing a year-on-year increase of 15.2%. Howard Archer of IHS Global Insight said he predicted that house price rises this year would be a 'solid but unspectacular' 5%.

 

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