House prices weakest for nine years
House price growth slowed to its weakest pace in nine years, according to latest official figures, though London prices climbed above £300,000 for the first time.
The Land Registry said house prices rose 3.52% between July-September on the same period a year ago, the slowest rate since 1996 and against a 5.43% gain in the second quarter.
The rise places the average house price in England and Wales at £194,589 while in London the average price rose above £300,000 for the first time ever.
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The data, based on actual sales completions, is generally seen as a lagging indicator of the housing market against recent indications of a pick-up in the market.
The Land Registry figures also reveal that the number of homes sold in the third quarter fell by 15.4% compared with last year to 261,481.
