House prices go up in value by 5.1%

Property market remains sluggish but steady

In London, the property market remains calm despite reports that the Bank of England’s decision taken in November to raise interest rates will affect the property and construction market.

Homes in the capital sold for an average of £482,000, an increase of 2.4 per cent (£11,000) on the previous year, according to the latest figures from Land Registry and the Office for National Statistics (ONS).

London’s house prices remained the highest in the country but the capital continued to experience the weakest price growth as buyers continue to be held back by affordability constraints.

Sold prices fell for the fourth month in a row, with London’s November prices down 0.9 per cent on October.

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