Property prices across the U.K. rose 3.9% in the year to April 2018, according to the latest house price index from the U.K.’s Office of National Statistics, released Wednesday.
Though the rise appears to be good news, it's the lowest annual rate of growth logged since March 2017, when prices increased 3.7%. The property price growth rate across the U.K. has slowed since mid-2016 and has remained almost continuously under 5% since 2017, the report said.
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That average home price in the region is now up to £227,000 (US$303,583), £9,000 (US$12,000) higher than in April last year, and £3,000 (US$4,000) higher than in March.
All property types logged an increase to their average price in April compared to the same time in 2017, led by semi-detached houses rising 5.3% to £215,000 (US$287,658). Prices for terraced houses rose 4.7% in the year to April, and detached houses saw their prices rise 3.8% in the same time frame.
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The average price of flats and maisonettes, though, showed an increase of just 1% in the year to April 2018, rising to £202,000 (US$270,234), the smallest increase of all property types.
London’s poor performance is to blame, as prices of flats and maisonettes in the capital—which accounts for around 25% of the U.K.’s flats and maisonette transactions—dropped 0.8%, the report said.
London as a whole saw property prices rise by an average of 2.4% compared to March 2018 and logged an annual price rise of 1%, increasing the average property value in the city to £484,584 (US$648,320).