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UK house prices up 4.5% over the last year

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
15/12/2017

UK house prices grew by 4.5% in the year to October 2017, according to the UK’s official house price index.

Compiled using Land Registry figures, the index showed annual house price inflation was slightly lower than September’s figure of 4.8%.

Property prices inched down in October by 0.5%, taking the average value of a home in the UK to £223,807.

Regional split

The largest annual rise in prices was in Northern Ireland at 6%, followed by England (4.7%) and Wales (4.5).

In Scotland prices have ticked up marginally by 2.8% over the year, while London has seen a smaller rise of 2.1% – the lowest in the UK.

It’s the 11th consecutive month where the growth in London house prices has remained below the UK average and prices in the capital dipped 0.9% in October to £481,102.

Despite the muted figures supply is still a problem and this is supporting property prices. Ishaan Malhi, CEO and founder of online mortgage broker Trussle, said: “The limited supply of housing in the UK is continuing to push up house prices, particularly outside London.

“While this is good news for current homeowners, it’s less so for first-time buyers struggling to save for a deposit. House prices are now estimated to be over seven times the average annual salary, which is a huge sum of money for those looking to get onto the property ladder.”