Property Price Growth in the U.K. Falls to Five-Year Low

Property prices across the U.K. recently logged their lowest annual growth rate in five years, according to the latest house price index from the U.K.’s Office of National Statistics, released Wednesday. Home prices rose 3.1% in the year to July, down slightly from 3.2% in the year to June, the lowest annual rate seen since August 2013, when it was 3%, the report said. The average home price is now up to £231,422 (US$304,182). The property price growth rate across the U.K. has slowed since mid-2016 and has remained almost continuously under 5% since 2017. House prices grew the fastest in the North West of England, increasing by 5.6% in the year to July, followed by the South West and the West Midlands, which both logged price rises of 4.4% over the year. London, which has seen prices and transaction levels hit hard by Brexit-related uncertainty and rising stamp duty taxes, was the only area to see property prices fall annually, down 0.7% in the year to July. Despite the decrease, the city remains the most expensive area in the U.K., where a home will cost an average of £484,926 (US$638,245), according to the report.