House prices up almost 10 per cent on last year as London’s average reaches £544k
House prices increased almost 10 per cent on last year but were unchanged over August and September, new figures have revealed.
The Office for National Statistics’ house price data showed a 9.5 per cent jump over 2022 to September, down from 13.1 per cent in August 2022.
House prices however remained unchanged since August 2022, with the average being £295,000 across the UK in September, a staggering £26,000 up than last year.
London remained the priciest part of the UK with the average house in the capital being at £544,000 in September 2022.
The North East also replaced the capital as the region with the lowest annual percentage change in prices, with the average going up by 5.8 per cent.
House prices rose sharply in London in September 2021 following the change in stamp duty rules, so the percentage change was not impacted by the same extent as usual.
ONS Deputy Director for Prices, Matt Corder said: “House prices were flat between August and September, the first time we have not seen an increase in almost a year. The fall in annual house price inflation is mainly because of the sharp rise in house prices in September 2021 at the end of the stamp duty holiday last year.
“Rental prices are continuing to rise, with the annual percentage change increasing to record highs in every UK nation. The annual percentage change in London rents continues to increase, for the tenth consecutive month.”
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