According to the figures, during September, the average UK house price hit a record high of £270,000 - £28,000 higher than this time last year.
Average house prices increased over the year in England to £288,000 (11.5%), in Wales to £196,000 (15.4%), in Scotland to £180,000 (12.3%) and in Northern Ireland to £159,000 (10.7%).
London continued to be the region with the lowest annual growth (2.8%) for the tenth consecutive month.
Mark Harris, chief executive of mortgage broker SPF Private Clients, says: "Annual house price growth continued to edge upwards back in September and, as has been the case for a while, the North West led the way while London lagging behind. Lack of stock continues to inflate house prices, although in a less frenetic way perhaps, as buyers search for more space, both inside and out, in less urban locations.
"With inflation ticking up again, the pressure is back on the Bank of England to raise interest rates sooner rather than later. Mortgage pricing continues to be a mixed bag, with pricing rising for those requiring 60 to 75 per cent loan-to-values, while higher LTV borrowing costs continue to fall. The good news is that lenders continue to broaden policy with many now back at pre-Covid criteria, making it easier for a wider range of people to get a mortgage."
Kevin Roberts, Director at Legal & General Mortgage Club, comments: “A rush to beat the Stamp Duty holiday deadline has clearly kept the housing market busy, with low mortgage rates and a desire amongst buyers for homes with more space driving considerable demand. The tapering of the tax break has also encouraged international buyers, in particular, to press ahead with their plans to purchase property. In fact, our data shows that demand for lenders that would consider applicants with a visa remained high in September.
“We should celebrate the resilience of the mortgage market, but it’s equally important that we’re mindful of those with challenging financial circumstances, especially with a rate rise looking increasingly likely. Homeowners looking to protect themselves against such a rise should seek the guidance of a mortgage adviser. These experts can help them to navigate the market and lock into one of the great fixed-rate deals that are still on offer.”
