UK inflation hits three-year low; London house prices fall again – business live

Consumer prices index inflation falls to 1.5%, in a boost to households, thanks to lower energy bills


12.14pm GMT

House prices in the North of England will outpace those in the South for the next five years.

That’s according to a report from Savills estate agents, which also predicts that London house prices will keep lagging.

“The economic pull of Manchester continues to be a major factor in the strength of the North West property market, and we’ve seen a notable increase in interest from buyers outside the area, particularly from London and the South East.

“Wealth created through jobs in the city tends to migrate south to the outer suburbs and Cheshire villages such as Alderley Edge, Knutsford and Wilmslow.

11.49am GMT

Here’s Jamie Durham, economist at PwC, on today’s house price data:

“Today’s house price data from the ONS show that UK house prices increased by 1.3% in the year to September 2019, unchanged from August. The average UK house price in September was £234,000.

“However, the divide between London and the rest of the country continues. Prices in the capital continued to weigh on national house price growth and fell by 0.4% year-on-year.

London was the region with the lowest annual growth, decreasing by 0.4%, followed by the East of England which decreased by 0.2% over the year

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