House inflation picks up
The latest official survey from the government on the health of the UK housing market has shown inflation picking up slightly.
The Office of the Deputy Prime Minister said UK house price inflation rose to 2.5% for the year in November from a nine-year low of 1.8% the month before.
The pick-up in inflation took the average house price to £186,431 in November compared with £185,398 the month before, adding credence to previous reports that the industry has achieved a soft landing.
(Article continues below)Advertisement
There was also good news in the capital as the government said property inflation rate rose to 2.2% in November, coming back from the 0.5% fall in October, the first decline in more than nine years.
The house price inflation rate for first time buyers fell from 4.7% in October to 4.3% in November due largely to prices paid by first time buyers remaining almost unchanged between October and November.
A separate report published today by Rightmove found that the average asking price on a British home rose 0.1% from early December to early January.
