The Office for National Statistics has reported that average house prices in the UK increased by 2.8% in the year to November 2018, up slightly from 2.7% in October 2018.
Over the past two years, there has been a slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England.
The lowest annual growth was in London, where prices fell by 0.7% over the year to November 2018, unchanged from October 2018.
The average UK house price was £231,000 in November 2018. This is £7,000 higher than in November 2017.
On a non-seasonally adjusted basis, average house prices in the UK fell by 0.1% between October 2018 and November 2018, compared with a decrease of 0.3% in average prices during the same period a year earlier (October 2017 and November 2017).
On a seasonally adjusted basis, average house prices in the UK increased by 0.1% between October 2018 and November 2018.
Kevin Roberts, director of Legal & General Mortgage Club, said: “The ongoing political uncertainty is clearly causing some buyers and sellers to take a wait-and-see approach when it comes to the property market. But a combination of low interest rates and the slowing house price growth we are seeing today should act as a catalyst to encouraging buyers to take action.
“Buyers who are unsure of where to begin this process will find that speaking to an independent mortgage adviser can be hugely beneficial. These experienced individuals can provide bespoke advice, access to mortgage products that aren’t available direct from a lender and help would-be homeowners understand the different options available.
“This could include government schemes such as Help to Buy and Shared Ownership, high LTV mortgages or family assist mortgages, to ensure they find the right solution for their needs.”