UK house price growth has slowed to its slowest rate since September 2012, new data revealed on Wednesday.
Indeed, the Office for National Statistics announced on Wednesday that the average house price in the UK rose by 0.7% in the year to October 2019, reaching £233,000.
The Office for National Statistics said UK house price growth had slowed over the past three years, mainly due to an economic slowdown in the south and east of England.
In England, average house prices rose by 0.5% over the year to £249,000. Meanwhile, average house prices rose by 3.3% in Wales to £166,000, in Scotland by 1.4% to £154,000 and in Northern Ireland by 4% to £140,000.
The lowest annual growth rate was in the capital, with prices in London falling by 1.6% over the period.
“London house prices continued to fall throughout the year, but this region remains the most expensive place to buy property, with an average price of £472,000. The North East continues to have an average house price of £129,000. It is the only region in the UK that has not yet surpassed its pre-recession peak,” the Office for National Statistics said.
Elsewhere, GBP/USD was able to maintain its recovery above 1.3100.
“We have seen a major reversal in the pound’s post-election rise following news that Prime Minister Boris Johnson intends to introduce legislation against a potential extension to the Brexit transition period, due to end at the end of 2020. “We are observing,” said CFA’s Petr Krupata. , Chief EMEA Currency & IR Strategist at ING Economic and Financial Analysis provided the analysis.
He added: “Leaving the UK without a trade deal at the end of next year would be tantamount to a hard Brexit and would clearly be negative for the pound.”
With the general election over, British politics could once again turn its attention to leaving the European Union.
Brexit has brought political and economic uncertainty, particularly to the UK property market.
