House prices in the UK increased by 5.4% in the year to September 2017, up from 4.8% the previous month to an average of £226,367, the latest official figures show.
The figures from the Land Registry also show that month on month prices increased by 0.4% and are now £11,000 higher than in September 2016 and £1,000 higher than August 2017.
The North West experienced the highest rate of annual house price growth in September, at an average of 7.3%. This was followed by the South West (6.6%) and East Midlands (6.4%). The lowest annual increase was recorded in London, where the average price rose by 2.5% over the 12 months to September, followed by the North East, ay 4.4%.
In Wales the average price increased by 5.3% year on year and by 0.6% month on month to £152,661 while in Scotland prices increased by 3.1% year on year but fell by 1.3% month on month to £144,924.
The Founder and CEO of online estate agent eMoov.co.uk, Russell Quirk, comments on the index: “The market has continued to splutter along, registering yet more marginal positive price growth despite a sustainably lower level of buyer demand. This is certainly promising for those on the ladder and we should see a large degree of stability return, with a heightened level of buyer interest come January.
“It is yet to be seen what, if any, impact the marginal increase in interest rates will have. It is likely that, while many will sit back and see through the Christmas period as a result, there will be no medium to long-term impact on the UK’s appetite to buy property, with the cost of borrowing still very affordable for the masses.”
Last week, data from Halifax showed that property values increased 2.3 per cent between August and October, the fastest three-month pace of growth recorded since January.
Annual house price inflation of 4.5 per cent last month saw a typical British home hit £225,826, another record high, according to the monthly index from one of Britain’s biggest lenders.