WWhile house prices have finally turned negative, they are still much higher than they were a year ago. In addition, Halifax’s figures show the difference in price growth in the UK.
Wales has gone back to the top of the table for annual house price inflation, up 14.7 per cent, with an average property price of £222,639.
It is closely followed by the South West of England, which also continues to show strong annual growth, up 14.3 per cent, with an average property price of £310,846.
The annual growth rate in Northern Ireland slowed slightly to 14.0 pc, with an average home now costing £187,102.
Scotland also saw a slight slowdown in annual house price inflation, from 9.9 pc. of 9.6 pc. A Scottish home now costs an average of £203,677, another record for the nation.
While London continues to record lower annual house price inflation than the other UK regions, the 7.9 percent rate is the highest in nearly five years.
With an average property now costing £551,777, the capital’s already record average house price continues to rise, at £40,361 in the past year. It is still by far the most expensive place in the country to buy a home.