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House prices fall 0.1% in October, ONS finds

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Housing market indicators for October suggest modest growth, according to the latest ONS and Land Registry index, despite a monthly fall in house prices of 0.1 per cent.

Prices grew by 6.9 per cent in the year to October, down from 7 per cent in the year to September.

The average UK house price was £217,000 in October 2016, £14,000 higher than in October 2015 and unchanged from September.

The main contribution to the increase in UK house prices came from England, where house prices increased by 7.4 per cent over the year to October, with the average price in England now £233,000.

Wales saw house prices increase by 4.4 per cent to £147,000, while in Scotland, the average price increased by 4 per cent over the year to stand at £143,000. The average price in Northern Ireland currently stands at £124,000.

Former RICS residential chairman and London estate agent Jeremy Leaf says: ‘Although the rise in property prices at first glance is quite encouraging, it is worth bearing in mind that the data is quite historic – at least two months out of date – and when you look at the number of transactions, particularly in London, the figures actually become much more worrying.

  ‘At ground level we are always much more concerned about the ability of buyers and sellers to access the market rather than the boom and bust in house prices which are much less relevant when considering the health or otherwise of the property market.’

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