News
Official: UK house prices fell slightly in September
The Office for National Statistics measured a small dip in property prices over the month, but average values were still up annually
The average price of a property in the UK was £234,370 in September, according to the Office for National Statistics, 0.2% down on August.
However prices were still higher than the previous September, up by a modest 1.3%.
Growth was strongest in Northern Ireland where prices increased by 4% over the year to Quarter 3. In Scotland annual house price inflation hit 2.4% and Wales recorded 2% growth. England performed worst with property price inflation of just 1%.
Regionally the lowest growth was in London where prices fell by 0.4% over the year to September 2019, followed by the East of England where prices fell by 0.2% over the year.
Political uncertainty bites
Paul Stockwell, chief commercial officer of Gatehouse Bank, said: “Given the continued political uncertainty, it is perhaps not surprising that property prices have fallen month on month. However, cooling prices could entice buyers back to the fold.
“First-time buyers have been largely responsible for driving transactions this year and they will be keeping a close eye on how any reductions in price will benefit them during their property search.
“What the market needs, though, is more activity from buyers of all kinds, who have been reluctant by historic standards to transact. The improving value we are seeing in many parts of the country may be the incentive home movers need to start considering to upsize their home.”
David Westgate, group chief executive at Andrews Property Group, added: “The property market is holding up surprisingly well given the exacting political climate we find ourselves in.
“What’s certain is that the result of the December General Election is likely to have a significant impact on where prices go next.
“A decisive win for Boris Johnson could see the market rebound sharply, but more political deadlock could see it continue to drift along in its current rut.
“For now, all eyes in the property market, as they will be in every other sector, are on the General Election, which is shaping up to be the most important for generations.”
