House price inflation in England and Wales rose just 0.1% in October, markedly below the 0.7% average over the past twelve months, and the smallest increase since December 2005. The average house price is now £184,346 in England and Wales, and £351,039 in London.
In October, according to the report from the Land Registry, London inflation fell by 0.6%, although it remains the region with the highest annual price change (14.7%). The region with the lowest annual price rise is the North East, at 5.7%.
Some commentators who see trends in London as an insight into what the rest of the country can expect see this as a warning sign, but economists at Capital Economics remain reasonably confident that we are not in for great falls: 'In truth, it is too early to say whether the weakness in London house prices is the start of a new trend or simply volatility,' said Ed Stansfield at Capital Economics.
'But it does seem consistent with a range of reports that the uncertainty generated by financial market problems has significantly dented confidence in the capital's housing market,' he continued.
-
'You could walk round it every day and always notice something new': A private tour of the garden of multiple Chelsea gold medallist John MasseyInspired by his friends Christopher Lloyd and Princess Greta Sturdza, nurseryman and plant breeder John Massey has made a garden in Worcestershire that never ceases to delight, writes Charles Quest-Ritson. Photographs by Clive Nichols
-
‘Once upon a time they covered an area the size of Ireland’: The restoration of Britain’s native oyster reefs is shaping future marine projects around the worldJane Wheatley reports on an innovative project to restore Britain’s once plentiful native oyster reefs in Tyne & Wear.
