House price inflation fell again in January, according to official government figures, with the traditional start-of-the-year surge in demand failing to materialise.
Average prices fell by 0.2% in January, said the Office for National Statistics, reversing a surprise gain in December and bringing prices back to the level they were last August.
The falls brought the annualised rate of house price inflation down to 8.4% from 9.8% in the previous month. “Annual house price growth is beginning to show signs of slowing across the majority of the UK,” the ONS said.
The London market continues to come off the boil, according to the ONS. The annual rate of increase in London house prices fell back to a 13-month low of 13.0% in January from 13.3% in December, 15.2% in November and a peak of 20.1% in May 2014.
