House price growth in the UK has flattened out except for just two regions – the South East and Yorkshire & Humberside.
Only these two areas have seen annual price growth. In the South East, prices rose by just below 11.9% for the year, up from 11.6%, while in Yorkshire & Humberside growth inched up from 6% to 6.1%.
Every other region, including London for a change, saw values drop.
For the UK as a whole, annual house price growth dropped from 12.1% to 10.4% in the year to October.
Prices in London continued to rise in the first six months, but dropped back after that, leaving the average London house costing £504,000 in October. The average UK house price is £271,000.
The peak levels seen at the beginning of 2014 now having dropped back could keep the market stimulated as people hope to buy at a better price.
Other factors at play are increasing employment, consumer confidence and continued low mortgage interest rates. The stamp duty reforms should also boost sales.
The data comes from the Office for National Statistics, based on mortgage completions for all of the UK. The ONS and the Land Registry figures are considered the most reliable.
But others point to a slump in the market. Rightmove said the average price of property in England and Wales fell by 3.3% in the four weeks to December 7.
It said average asking prices in London fell by more than £30,474 to £570,706, while prices in the South East were down by just under £15,000 to £332,659.
But it added that prices were still higher than they were last December.
