Over the last year prices have increased, however, with the average price of a property rising by 0.7%. It means, as of October, the typical value of a UK home was £232,944.
In England, prices fell by 0.7% in October compared to the previous month but the annual growth was a little slower than the UK as a whole, increasing by a more sluggish 0.5% over the year.
Yorkshire and Humber experienced the biggest monthly increases, with house prices going upwards by 0.9%. The North East, meanwhile, saw the largest fall in prices with property values plunging by 2.3%. Prices in London fell by 1.6% over the year to October – the biggest annual fall.
In Wales, while property prices increased by 0.7% in the month to October, over the year it experienced growth of 3.3%, according to the Land Registry.
New era
While the data released today gives an indication of how property prices were faring as the year began to draw to a close, many property experts felt the impact of last week’s general election meant the data felt slightly dated.
Lucy Pendleton, founder director of independent estate agents James Pendleton, said: “Not yet visible is the Boris bounce in house prices we all sense is already well underway. The UK house price index has well and truly been overtaken by events.”
Meanwhile, Marc von Grundherr, director of Benham and Reeves, said: “While the recent election result will have brought a degree of certainty to the market, it will take some time to reverse the negative house price trends of the last few years.
“While we should see an immediate boost in buyer and seller activity come January, it will take a few months before this filters through to the ground and house prices return to their usual buoyant rate of growth.”
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