UK house prices rose by 3.5% in the year to September 2018, up from 3.1% in the year to August 2018, according to the official UK house price index.

Property prices were unchanged (0.0%) between August 2018 and September 2018, said the Office for National Statistics, compared with a fall of 0.4% in average prices during the same period a year earlier (August 2017 and September 2017).

The average UK house price is now £232,554.

Fastest risers

House prices grew fastest in the West Midlands, increasing by 6.1% in the year to September 2018, closely followed by the East Midlands which increased by 6.0% over the year.

House prices in London fell by 0.3% in the year to September 2018. London house price have been falling over the year since March 2018.

Jonathan Samuels, CEO of Octane Capital, said: “The annual growth rate may have nudged up in September but it’s more a reflection of weak supply than strong demand.

“Right now, the UK’s property market is being propped up by near barren stock levels.

“London continues to be the weak link in the UK’s property market, with the prime and super-prime boroughs creating considerable downward pressure. As one of the world’s foremost financial hubs, the capital is highly exposed to the fall-out from Brexit.

“Many other areas of the country, by contrast, remain relatively active transactionally and are seeing acceptable growth levels. Areas of the UK that have historically been undercooked on the house price front are now cooking on gas.”