House price 'north-south divide' narrows

House price 'north-south divide' narrows”

Trussle chief executive Ishaan Malhi says: "Many people expressed concern for the housing market after Brexit, but prices are 5.4 per cent higher than they were this time past year".

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

Data released by the Office for National Statistics today showed the average United Kingdom house price rose to £226,000 in September, up £11,000 on a year earlier.

This rise took the average United Kingdom house price to £226,000 in September - £11,000 higher than in September 2016 and £1,000 up on August 2017.

The annual growth rate has remained broadly around 5 per cent during 2017, the report said.

Critics said rising house prices remain a barrier to ownership for first-time buyers. "We've had years of promises and announcements, now is the time for the Government to really get started and take the action that is necessary to lead our housing market into a fairer future". The slowest annual growth was in London at 2.5%. This was followed by the South West (6.6%) and the East Midlands (6.4%).

It found that annual house price inflation across the United Kingdom increased by 5.4pc, up from 4.8pc in August, with the monthly rate at 0.4pc.

It meant that average London house prices fell for the second consecutive month, to stand at £484,000. The average price in Northern Ireland now stands at £132,000, an increase of 6.0% over the year.

"Housing, and specifically the issue of a broken stamp duty system, should be at the top of his Autumn Budget priority fix list". Remortgaging was particularly strong, with borrowers seeking to lock into historically low interest rates in advance of the widely anticipated rise in Bank base rate at the beginning of November.

The North West experienced the highest rate of annual house price growth in September, at an average of 7.3%.

According to the latest Halifax House Price Index, annual house prices rose 4.5% in the three months to October, taking the average price up to £225,826 - the highest on record and 2.8% higher than in January.

Nationwide reported that annual house prices ticked up 2.5% in October, although the squeeze on incomes is weighing on confidence. "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".

Russell Quirk, founder of estate agent, said: "The [UK] market has continued to splutter along, registering yet more marginal positive price growth despite a sustainably lower level of buyer demand".

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