Andrew Bailey insists he won’t quit as pressure builds on the Bank of England

While house prices have finally turned negative, they’re still much higher than a year ago. What’s more, the Halifax figures show the disparity in price growth across the UK.

Wales has moved back to the top of the table for annual house price inflation, up by 14.7pc, with an average property price of £222,639.

It’s closely followed by the south west of England, which also continues to record a strong rate of annual growth, up by 14.3pc, with an average property cost of £310,846.

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

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

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

With an average property now costing £551,777 the capital’s already record average house price continues to push higher, up by £40,361 over the last year. It’s still by far the most expensive place in the country to buy a home.

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