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Housing market cooling as the capital comes off the boil

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The Office for National Statistics has revealed that house price inflation fell by a further 0.2% in January, reversing a surprise gain in December and bringing the annual rate of house price inflation down to 8.4% from 9.8% in the previous month. In London, the annual rate of increase in house prices fell back to a 13-month low of 13% in January, down from 13.3% in December, but the ONS said the data indicated that growth in the market is slowing across the majority of the UK. Stricter mortgage borrowing rules have been blamed for the slowdown in demand, which defied a traditional new year upturn. Meanwhile, letting agents reported that a third of UK rents went up in February, with growing demand for properties and intense competition in the capital.

 

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