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October brought rise in house prices

The latest data issued by the Land Registry indicates that the average price of a home in the UK rose during October, with these figures showing a 0.3% increase.

Looked at on an annual basis, the level of house price growth for the month was in double digits, going up by 12.6%. This means that by the end of October, the average price of a house across the country stood at £296,422.

England was the country that saw the highest level of price growth during October, with a 0.2% monthly increase and a 13.2% annual one. This means the average price of a property in England hit £316,073 by the close of October. For Wales, there was a monthly price increase of 0.1%, while the annual one was 11.8%, leaving the average price at £223,824 by the end of October.

In terms of regions, London actually saw a monthly drop in prices during October, by 0.9% compared with September. However, the average house price rose by 6.7% compared with October of the year before.

Jeremy Leaf, an estate agent based in North London, told Mortgage Strategy:

“A better test will come in early 2023 when a large proportion of buyers have to decide whether they will continue to press the pause button or review their searches in response to lower mortgage rates and inflation figures.”

Advisors with CeMAP training will see rates falling for fixed loans in particular, and borrowers could be attracted to the greater security of those.

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