Monday February 11, 10:26 AM
UK Dec annual house-price inflation slows to 9.1 pct vs 9.7 in Nov UPDATE
(Adds revisions, average house price, London house-price inflation, background on Nationwide, Halifax surveys)
LONDON (Thomson Financial) - House-price growth slowed for the second month running in December from November (Frankfurt: A0S9N7 - news) , suggesting a correction in property market values is underway, government figures released today show.
The Department of Communities and Local Government said the annual rate of house price inflation in December was 9.1 pct, down from 9.7 pct in November.
November's reading was revised up from 9.5 pct.
However, the average house price in the UK rose to 219,591 stg in December from 218,662 in November, which was revised up from 218,330.
In London, annual house-price inflation was 13.5 pct, down from 14.5 pct. November's growth rate was also revised up from 14.1 pct.
The government data, based on completed property sales, lags behind surveys from industry groups like the Nationwide and Halifax.
Nationwide's survey actually revealed house prices fell for the second month running in December but Halifax's showed a rebound during the same period.
Since then, however, Halifax's survey has shown growth in house prices slowed to an unchanged reading in January.
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