House prices accelerate but leave London in the cold

Across the United Kingdom, annual house price growth stood at 5.4 per cent in September, up from 4.8 per cent in August, according to figures released jointly by the Office for National Statistics (ONS), HM Land Registry and other bodies.

The North West showed the highest annual growth, with prices increasing by 7.3% in the year to September. Buyers and sellers haven't adversely reacted to the rate rise, probably because they have been used to rates at 0.5% for eight years and the Bank of England simply returned the base rate to that level.

The continued shortage of homes on the market remains one of the key drivers of house price growth, rather than a particularly resilient market.

United Kingdom homes are now worth an average of £226,000, as year-on-year growth picked up from 4.8% in August, according to the Office for National Statistics (ONS). In Scotland, the average price increased by 3.1%, according to the report.

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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 previous year".

Wales saw house prices increase by 5.3% over the last 12 months to stand at £153,000. "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".

"Focus will now be on whether measures to stimulate the housing market are seen through in the Chancellor's Budget this month, with a rumoured stamp duty cut for first-time buyers as well as housebuilding pledges". 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.

We also have the thoughts of Richard Snook, the Senior Economist at PwC: "The trend that has been emerging over the summer and autumn is the rest of the United Kingdom outperforming London".

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The North West enjoyed the strongest rate of house price growth, up 7.3 per cent over the year to an average of £160,951, followed by the South West and East Midlands, up 6.6 per cent and 6.4 per cent at £252,737 and £184,399 respectively.

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".

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

In July 2017 the number of property transactions completed in the United Kingdom decreased by 15.2 per cent when compared with July 2016. Low borrowing rates mean that mortgage repayments as a proportion of income remain at or close to their historic low point.

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Figures from UK Finance, which represents mortgage lenders, showed that activity from first-time buyers has dropped.

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