House price rises slowest in 5 years

HOUSE prices are rising at their slowest rate in more than five years, official figures show.

Property values grew by 2.5 per cent in the year to December, the lowest annual rise since July 2013 when there was 2.3 per cent growth. The average home costs just under £231,000, according to the Office for National Statistics and the Land Registry.

Price changes varied across the regions, falling in London by 0.6 per cent and by 1 per cent in the North East, but rising by more than 5 per cent in the West Midlands, Wales and Northern Ireland.

The Bank of England has warned that Brexit uncertainty is making potential buyers nervous, particularly in the South East, with more viewings required before they agree a deal.

It said house builders were also having to offer families more discounts or giveaways to close sales.