Slowest UK house price growth for a half decade in 2017

The year ended 2.6% higher than it started but London was the weakest area for the first time in 13 years.

In December, the average house price in the UK was £211,156, which was a 0.6% month-on-month increase, according to Nationwide Building Society.

The 2.6% increase, the slowest since 2012, showed a poor comparison in relation to December 2016, which held a 4.5% annual increase.

Prices were down in London to 0.5% annually, with an average of £470,992. On the other end of the spectrum, the West Midlands was the best-performing region with a 5.2% annual increase.

Wales, Scotland and Northern Ireland also saw annual increases of 3.3%, 2.6% and 2%, respectively.

Nationwide’s chief economist Robert Gardener said: “London saw a particularly marked slowdown, with prices falling in annual terms for the first time in eight years, albeit by a modest 0.5%. London ended the year the weakest-performing region for the first time since 2004.”

Robert Gardner went on to say that Brexit will play a huge role in determining house prices going forward.

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