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U.K. Home Prices Grow at Slowest Pace in 5 Years as Brexit Looms

  • House prices in London fall after six months of stagnation
  • Homes remain unaffordable for many buyers amid weak pay growth
London's Shaky Housing Market Starting To Hit Homebuilders
Photographer: Chris Ratcliffe/Bloomberg

U.K. house prices grew at their weakest pace in five years in August as Britain’s impending exit from the European Union discouraged buyers.

The average price for a property was 232,797 pounds ($306,000), the Office for National Statistics said on Wednesday. That’s just 3.2 percent higher compared to a year earlier and the smallest increase since August 2013. Prices in London fell 0.2 percent after stagnating for six months.