HOUSE PRICE GROWTH SLOWS TO TEN MONTH LOW
- Capital leads downturn with monthly price fall, offering respite to London buyers as market stabilizes
- Overall, prices start climbing again in January, with values in the North experiencing biggest boost
- Strongest sales growth found in North and Yorkshire due to surging first-time buyer demand
Adrian Gill, Director of Your Move estate agents, comments: “January’s 7.5% annual growth is the smallest yearly improvement witnessed for 10 months, and represents a deceleration from 8.9% in December as house price inflation continues to flag. After some recent price falls, average property values haven’t taken any steps forward from where they stood in November – and what we’re seeing is a far cry from the marathon of monthly increases that set off this time last year.
“In a reversal of fortune, London is leading this slowdown. The capital has long been the propeller driving forward growth, but after cruising ahead at full speed in 2014, the London property market has run aground momentarily. Average London house prices experienced the biggest drop during December (1.1%), but this is just a symptom of the unsustainable rate of growth that the market stretched to last year."