Annual house price growth across the UK slowed to its weakest levels in over five years in October, official figures show.
And for the first time since 2011, annual house price falls have now rippled out into the London suburbs – following a falling trend already seen across central London this year.
Average house prices across the UK increased by 2.7% in the year to October, slowing down from 3% annual growth in September 2018.
This marked the lowest annual growth since July 2013 when it was 2.3%, according to the report, released jointly by the Office for National Statistics (ONS), Land Registry and other bodies.
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 report said.
The average UK house price was £231,000 in October, falling by 0.2% month-on-month.
Across London as a whole, house prices fell by 1.7% annually in October to reach £474,000 on average, continuing a trend of price falls seen each month since July.
The report said falling house prices in London are mainly driven by inner London, which includes boroughs such as the City of London, Kensington and Chelsea, Westminster and Islington. House prices across inner London have been consistently falling annually since January.
But in the year to October, house prices in outer London fell by 0.2% – the first annual fall there since September 2011.
Outer London is made up of Barking and Dagenham, Barnet, Bexley, Brent, Bromley, Croydon, Ealing, Enfield, Haringey, Harrow, Havering, Hillingdon, Hounslow, Kingston, Merton, Redbridge, Richmond, Sutton, and Waltham Forest.
Both inner and outer London tend to follow similar trends in house price growth, with changes in outer London tending to appear slightly after those in inner London, the report said.
