House price inflation weakens again
The annual house price inflation rate fell in October as prices weakened on the month, according to the latest official survey from the government.
The Office for the Deputy Prime Minister said the annual rate of house price inflation in the UK fell to 2.2% in October, the lowest in nine years, from 3.3% the month before.
In London annual house price inflation came in at -0.2% in October, down from 1.9% the month before.
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Actual UK house prices fell 0.3% in October compared with a rise of 0.7% over the same period last year.
Smoothing out monthly fluctuations, the ODPM said the UK annual house price inflation rate for the three months to October was 2.8% and 0.8% in London.
The home countries, England, Scotland and Northern Ireland saw falls in annual inflation in October, while inflation in Wales rose.
