Raising interest rates sooner would have trashed economy, says Andrew Bailey

WAlthough home prices have finally turned negative, they are still much higher than they were a year ago. In addition, the Halifax figures show the differences in price growth across the UK.

Wales has slipped back to the top of the chart for annual house price inflation, up 14.7 per cent, with an average house price of £222,639.

Closely followed by the south west of England, which also continues to post a strong annual growth rate of 14.3 per cent, with an average property cost of £310,846.

The annual growth rate in Northern Ireland eased slightly to 14.0 per cent, with a typical home now costing £187,102.

Scotland also saw a slight slowdown in annual house price inflation from 9.9% to 9.6%. A Scottish home now costs an average of £203,677, another record high for the nation.

While London continues to post slower annual house price inflation than other UK regions, the 7.9 per cent rate is the highest in almost five years.

With the average property now costing £551,777, the capital’s already record-breaking average house price continues to rise, rising by £40,361 in the last year. It is still by far the most expensive place in the country to buy a home. Raising interest rates sooner would have trashed economy, says Andrew Bailey

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