House prices grew at their slowest rate since February 2013, according to the latest figures from Nationwide.
UK House prices fell 0.7% in December, with annual house price growth just 0.5% higher than December 2017. The average UK house price now stands at £212,281.
Robert Gardner, Nationwide’s Chief Economist, said: “UK house price growth slowed noticeably as 2018 drew to a close, with prices just 0.5% higher than December 2017.
“This marks a noticeable slowdown from previous months, where prices had been rising at a c2% pace. However, it is broadly in line with our expectations.”
Narrowing of the North-South divide
The North South house price gap continues to narrow with northern regions growing between 3% and 4%, whilst prices in the south have moderated throughout the year.
However, at £329,240, the average price of a home in the south of England is still almost double that in the north at £166,642.
Northern Ireland records stongest growth
Northern Ireland recorded the strongest growth in 2018, with prices increasing by 5.8%.
House prices in Wales grew by 4% with Scotland and England seeing modest inceases of 0.9% and 0.7% respectively.