House price growth in the UK is showing signs of slowing, according to Government figures. A new monthly survey from the Office for the Deputy Prime Minister (ODPM) found that house prices slipped 0.4pc in September from August and were up 10.9pc on a year-on-year basis, down from 14pc growth the previous month. According to the figures, the average price for a house in the UK in September stood at STG158,408. The Government survey compares with the findings of other recent surveys by the Nationwide building society and the Halifax, which showed increases of 2.0pc in October and 1.5pc in September, respectively.
Those surveys led to the Bank of England raising interest rates last week for the first time in almost four years, after expressing concern about consumer spending and household debt the previous month. However, the Government survey echoes the findings of the Land Registry, which this morning reported that UK house price inflation slowed sharply in the three months to September. According to its survey, houses prices in the third quarter rose 10.6pc from the same period a year earlier, down from the 12.5pc recorded in the second quarter and the 20pc in the first. //www.fxcentre.com