House prices in England and Wales are no longer rising faster than general inflation, according to the Financial Times house price index, the most reliable guide to prices paid in the property market.

House prices nudged up by 0.1 per cent in October, much less than the 0.9 per cent rise the same month a year earlier. Slower monthly price growth this October caused the annual rate of house price inflation to fall from 3.3 per cent in September to 2.5 per cent. General price inflation in September, as measured by the consumer price index, was also 2.5 per cent.