Annual house price inflation falls for first time in 11 years

The annual rate of house price inflation has fallen into negative territory for the first time in 11 years. Figures from the Office for National Statistics show the average price of a house in the UK in September was £291,000, 0.1% below the average price in September last year. The most recent time house prices fell, year on year, on the ONS’s measure, was in April 2012. The drop was steepest in Wales, where house prices were 2.7% lower than they were 12 months earlier at £215,000, while the average house price in England was £310,000, a year-on-year fall of 0.5%. Scotland’s average house price was 2.5% higher at £195,000. Northern Ireland’s also increased by 2.1% to £180,000. The Times (£)