Goods and services cheaper but house prices still rise

House prices across the UK rose by 9.9% in the past year, according to figures from the Office for National Statistics (ONS).

In London that figure is nearly 19% which means that according to the ONS, the average house now costs £260,000.

The latest figures also show that inflation has fallen to 1.5%, but prices are still rising faster than wages.

Simon Jack reports.