18.07.201807:47:00UTC+00UK May House Price Growth Slowest Since 2013

UK house prices rose at their slowest pace in nearly five years during May, latest data from the Office for National Statistics showed Wednesday.

Average house prices rose 3 percent year-on-year after a 3.5 percent increase in April.

House price growth has been slowing after the Brexit vote in mid-2016 and remained under 5 percent for most of 2017 and into 2018, the ONS said.

The slowdown was led by south and east of England and prices fell 0.4 percent in London, marking the fourth consecutive decline in a row.

Compared to the previous month, house prices decreased 0.2 percent between April and May. The average UK house price was GBP 226,000 in May, unchanged from the previous month.