UK house price growth slows in November

UK house price growth has slowed again in November after rising by a mere 0.4% month-on-month.

According to mortgage lender Halifax, house prices have also risen 8.2% in the three months to November, which is above a Reuters poll estimates of 8%.

This falls in line with another house price measurement, conducted by Nationwide at the end of November, which showed property price inflation falling to its lowest level in 11 months.

Nationwide said UK house price inflation slowed to 8.5% in the year to November.

According to Office for National Statistics data, annual house price inflation was at 12.5% in England, 5.8% in Wales, 7.6% in Scotland and 10.9% in Northern Ireland.

The average UK house price in September 2014 stood at £273,000 (€342,025, $427,614) compared with £274,000 in August.

The regional breakdown showed that the average property price in England stood at £285,000, £172,000 in Wales, £143,000 in Northern Ireland and £197,000 in Scotland.

The Bank of England (BoE) has kept UK interest rates at a record low of 0.5% since 2009.

The BoE capped mortgage lending on 1 October while the Financial Conduct Authority installed new affordability checks for homeowners to stop the soaring UK house prices.

The checks are also designed to make sure that Britons are able to withstand a rise in rates after obtaining a mortgage.