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ONS data shows that UK house price growth slows

Staff writer |
UK house price growth surprisingly slowed in February, official figures confirmed, easing to a 7.6% annual rate of growth from the 7.9% rise the previous month.

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The Office for Nationals Statistics, which calculated the data based on mortgage completions and so lags other unofficial figures, said the average UK house price cost £284,000 in February.

Data from lenders Halifax and the Nationwide have both recently indicated an acceleration in house price inflation in March.

Annual house price inflation was 8.2% in England, 2.8% in Wales, down 0.8% in Scotland and up 2.4% in Northern Ireland.

On a seasonally adjusted basis, average house prices increased by 0.4% between January 2016 and February 2016, slowing from the 0.9% seen a month before and flat number in December.

The monthly bulletin, which was previously issued by the Department for Communities and Local Government (DCLG), said house price increases in England were driven by an annual increase in the South East of 11.4% (down from 11.7% in January), in the East of 10.3% and London's 9.7% (down from 10.8%).

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