The pace of growth in house prices has begun to slow down. In the year before October 2014, prices went up by 10.4% compared to the 12.1% reported in September.
As has been the case for some years, London and the south-east were the big drivers behind the rising prices.
More importantly house prices are still dramatically outpacing inflation under the CPI measure, which stood at 1% according to new ONS figures - the lowest level for 12 years. With real wage growth contracting too, it looks like the news of a relatively slight slowing of house price growth will not be greeted with too much excitement by people’s wallets.
