House Prices Up 5.4% Across the UK

Prices in London remain well ahead of the rest of the country but rose by only 2.5 per cent

This is the 10th consecutive month where the growth in London house prices has remained below the United Kingdom average, the report said.

Average property have increased by £11,000 in the year to September, new figures show.

While home values are falling in and around London, the effect has been by no means calamitous, with the slide in house prices in the capital for the past four months consistent with a period of "post-boom stagflatory malaise".

This took the average price of a property up to £226,000.

In Wales, house prices have increased by 5.3% over the a year ago to stand at £153,000, while in Scotland, the average price went up by 3.1% to hit £145,000.

It found that annual house price inflation across the United Kingdom increased by 5.4pc, up from 4.8pc in August, with the monthly rate at 0.4pc.

Looking at United Kingdom local authorities, the area showing the largest annual growth in the year to September 2017 was Hinckley and Bosworth, where prices increased by 15.9 per cent to stand at £215,000.

The UK property market as a whole remains stable, despite fluctuations on a regional basis. In Scotland, the average price increased by 3.1%, according to the report. The lowest annual increase was recorded in London, where the average price rose by 2.5% over the 12 months to September, followed by the North East, ay 4.4%.

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Jeremy Duncombe, Director of Legal & General Mortgage Club, said: "Limited stock and high demand continues to drive annual house price growth, and it's only making homeownership a more exclusive club".

Within England, the north west showed the highest annual growth, with prices increasing by 7.3% in the year to September 2017 to reach £160,951 on average.

On a month-on-month basis lending fell across all segments of the market except remortgaging (which was unchanged), with mortgages to first time borrowers down 11 per cent, second homers 18 per cent and buy-to-let mortgages declining 9 per cent.

Richard Snook, a senior economist, PwC, said: "The trend that has been emerging over the summer and autumn is the rest of the United Kingdom outperforming London".

"Our latest market projection, published in July, was for growth of between 3% and 5% in 2017, with 4% as the central scenario".

Meanwhile the better-than-expected figures from the ONS have pushed business consultancy PwC to say that its forecast for the 2017 housing market - that prices would rise three to five per cent - is likely to end up at the upper end of this range. The official number has slowed since mid-2016 but has broadly grown by 5 per cent throughout 2017.

"As the Budget draws closer, we hope to see some ironclad commitments from the Government on its plan for tackling the growing demand for housing". Up until this point, a combination of low mortgage rates and high rates of employment have helped balance out the squeeze on household incomes from stagnant wages and rising inflation. There may be no quick fix, but now more than ever, the private rented sector will be relied upon by those unwilling or unable to buy a house outright.

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