House price up 5.4%in September, says ONS

For sale signs

For sale signs

According to data the Office for National Statistics, house prices rose by 5.4% in the year to September, up from 4.8% in August.

The North West showed the highest annual growth, with prices increasing by 7.3% in the year to September.

House prices rose by 7.3% in the year to the end of September in the North West of England.

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".

The main contribution to the increase in United Kingdom house prices came from England, where house prices increased by 5.7% over the year to September 2017, with the average price in England now £244,000.

Average property have increased by £11,000 in the year to September, new figures show.

Ishaan Malhi, the CEO and Founder of online mortgage broker Trussle, also says: "Many people expressed concern for the housing market after Brexit, but prices are 5.4% higher than they were this time past year".

The latest average recorded house price was £226,000 in September, compared to the £215,000 average in the same month previous year. "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". With wages growing just 2.2 per cent in the last 12 months, the growing challenge facing first time buyers is plain to see.

While still well ahead of the regions with the next highest average prices - the South East and East of England are on £324,000 and £289,000 respectively - the capital is trailing all other regions in percentage growth terms over the year to September. If Phillip Hammond proposes to boost housebuilding and make homeownership more affordable for young people, it will be a welcome move for those now priced out of the market.

Richard Snook, a senior economist, PwC, said: "The trend that has been emerging over the summer and autumn is the rest of the United Kingdom outperforming London".

Annual house price growth accelerated in September, according to official figures.

He continued: "Our latest market projection, published in July, was for growth of between 3 per cent and 5 per cent in 2017 with 4 per cent as the central scenario".

In the U.K as a whole, the number of property transactions completed in July 2017 decreased 15.2% when compared with July 2016 and are now at a five-year low, according to the report. Low borrowing rates mean that mortgage repayments as a proportion of income remain at or close to their historic low point.

"With housing set to be a key area for the Autumn Budget, we hope to see a real push from the Government to address the chronic issues in the market".

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