Annual house price growth stood at 12.6% in the year to October, according to the latest UK House Price Index published by the Office for National Statistics (ONS).
This figure was up from the 9.9% reported by the ONS in the year to September.
The ONS stated that the increase at this particular time of year was partly caused by a sharp fall in UK average house prices in October 2021, following changes to stamp duty at the time. According to the ONS data, average UK house prices decreased by £6,000 between September and October 2021.
This latest increase in prices left the average UK house price standing at £296,000 in October 2022, a level £33,000 higher than the same month last year. Average house prices increased over the year to £316,000 (13.2%) in England, to £224,000 in Wales (11.8%), to £195,000 in Scotland (8.5%) and to £176,000 in Northern Ireland (10.7%).
Technical director at Legal & General Surveying Services, Malcolm Webb, commented: “This latest data is a strong indicator that house prices are losing some momentum, as the effects of spiking interest rates and wider economic pressures ripple across the UK housing market.
“However, month-on-month house prices are just one variable; it’s worth remembering that property values are still higher than last year and market activity remains steady. There is also a great deal of regional variability that needs to be taken into account.
“As we move into 2023, any further slowdown in house price growth could help improve affordability in certain areas and provide opportunities for first-time buyers to step onto the property ladder. For many people, this first property purchase will be the most emotionally charged and financially complex decision of their lives to date, which means it’s important to get it right.”
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