According to the data, UK house prices increased by 1.3% over the year to September, falling by 0.2% since August 2019 and resulting in average house prices settling at £234,370.
Breaking it down by countries we see that average house prices increased by 1% in England, 2.6% in Wales, 2.4% in Scotland and 4% in Northern Ireland.
Regionally, it was the North West who came out on top in England with with prices increasing by 2.8%, followed by Yorkshire and The Humber, increasing by 2.2%.
The data revealed that London experienced the lowest annual growth rate, falling by 0.4%, followed by the East of England at -0.2%.
As ever, the property industry was quick to react. Here's what they're saying:
Sam Mitchell, CEO at online estate agent Housesimple, comments: “UK house prices stood their ground in September. While we might usually expect to see a bigger rebound in prices post summer, our supposed EU exit in October was always going to make both buyers and sellers tread with a little more caution. However, the latest annual rise is a testament to the market’s resilience.
After three and a half years of Brexit talks and now yet another general election on its way, buyers and sellers are understandably growing tired of waiting around. Political uncertainty has almost become the new normal in Britain and people have come to realise that life must go on.
We’d expect to still see an Autumn bounce in house prices in October and November, as well as an uplift in property listings, as home movers push to sell before the year ends. The underlying market fundamentals continue to support buyers, with record-low mortgage rates and growing income levels, and people are always going to be looking to move home regardless of the country’s political position.”
Lucy Pendleton, founder and director of James Pendleton estate agents, added: “A north-south divide is still broadly visible and London remains the poor relation but chaotic price patterns in the capital in recent months appear to have been the precursor to a period of recovery. Two London boroughs have climbed back into the black on an annual basis in the past month, while 20 remain in decline.
At a granular level, years of national indecision mean the direction of travel for individual boroughs remains more chaos theory than conventional economics.
As a general rule of thumb, it is just about possible to see a distinction between the fortunes of more expensive areas and those offering better value per square foot but it’s not at all clear and neighbouring boroughs are still experiencing vastly different fortunes. At some point these boroughs will have to come together and a general election potentially followed by a rapid Brexit will decide whether there’s a sharp recovery all round.
The only discernible trend being seen on the doorstep continues to be that realistic starting prices are leading to quicker sales at better prices.
Property that comes with seven figures attached continues to struggle in premium areas if not priced correctly. However, homes up to around the million pound mark are seeing less drastic reductions.”
Dilpreet Bhagrath, Mortgage Expert at online mortgage broker, Trussle comments: “Despite a modest increase in house price growth, it’s likely that political and economic uncertainty will cause prices to remain subdued for the foreseeable future.
For those looking to buy, it’s worth knowing all available mortgage options, particularly ahead of December’s General Election. While interest rates remain fairly low, a fixed-rate mortgage deal will ensure homeowners know how much their repayments will cost each month. It’s also important to consider any personal and future circumstances when securing a mortgage, and to seek advice so you’re aware of your available options."
Josef Wasinski, co-founder of Wayhome, said: “For many aspiring homeowners, the dream of buying a home is increasingly out of reach. Even if you have a salary that sits above the national average the gap between that and house prices just remains too wide for some. The unenviable options here are to either continue renting or to buy a property which isn’t suitable. Many choosing the latter are having to make compromises on what growing families need to put down longer term roots – size of property, a location they feel secure in and good transport links.
To help the ever-widening cross generation group of first-time buyers looking to get onto the ladder, we need to see a greater focus on alternatives which provide a realistic pathways to homeownership.”
