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House prices are still up year-on-year, latest government report shows
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Average house prices in the UK have increased 9.5% annually, according to the latest government report.
The September UK House Price Index shows the average price of a property in the UK was £294,559. There was a monthly change of 0.0%.
Property industry responses to the UK House Price Index
Marc von Grundherr, Director of Benham and Reeves, comments: “The property market has continued to weather the storm of late and while we may have seen a reduction in buyer demand due to higher mortgage rates, we’re simply not seeing any downward pressure applied to sold prices, despite a static rate of growth on a monthly basis.
“This is largely due to the fact that buyers have been keen to transact at pace in order to secure the rates currently on offer, before they climb even higher. In doing so, they’ve helped to maintain a consistent level of activity in the process which has kept the market afloat.”
James Forrester, Managing Director of Barrows and Forrester, comments: “It’s incredibly hard to gauge the true health of the UK property market at present, with increasing mortgage rates leading to a period of turmoil, followed by a renewed level of certainty as a result of a government refresh.”
Chris Hodgkinson, Managing Director of HBB Solutions, comments: “All current indicators suggest the market is starting to freeze over with homebuyers giving the idea of homeownership the cold shoulder following a sizeable uplift in the cost of borrowing.
“This declining level of buyer demand is yet to cause house prices to actually fall, but the tide is starting to turn, and with the market now slowing right down until spring we can expect property values to follow suit sooner, rather than later.”
