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House prices increase at slowest pace for a year

Latest figures from the Nationwide house prices index show average UK house prices now to be rising at their slowest pace for over a year as the housing market continues to cool, with economists anticipating restrained activity in 2015. Month-on-month growth fell to 0.2% in December, causing average growth to moderate to a 13-month low of 7.2% year-on-year. The annual rate of growth has been falling every month since June, when a peak of 11.8% was recorded. Despite all regions apart from the north of England seeing a slowing in annual price growth in the final quarter of the year, all regions saw average house prices increase over the past 12 months. Separate figures from the Land Registry also showed a declining market, with average house prices in England and Wales falling slightly between October and November.

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