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House prices grow at their slowest pace since April

House prices grew at their slowest rate in eight months in November, according to figures published today by the Office for National Statistics.

Prices rose 10 per cent year-on-year in November, from £246,000 to £271,000. This was the slowest annual rate of growth since April.

First-time buyers were hit harder than home movers by rising prices, with 11 per cent growth year-on-year in November. Prices for home movers, on the other hand, grew at 9.5 per cent over the same period.

E.surv director Richard Sexton says: “First-time buyers are being squeezed between the rock of reduced lending and the hard place of climbing prices.

“Continued support for aspiring buyers, through schemes like Help to Buy, will assist in keeping the door to the first-time buyer market open.”

On a regional basis, London prices rose fastest, at 15.3 per cent, with the average price rising from £434,500 to £501,000 year-on-year.

Wales saw the smallest increase across the UK, with just 3.1 per cent growth pushing prices from £166,000 in November 2013 to £171,000 a year later.

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