UK House prices show an annual increase of 6.9%

House prices in the UK rose by 6.9% in the year to October, according to the latest official figures from the Land Registry. However, the number of sales dropped by 8% over the same period.

The price of the average property is now £216,674.

In England, the October data showed an annual price increase of 7.4%, taking the average property value to £232,655. Monthly house prices fell by 0.1% since September 2016.

Wales showed an annual price increase of 4.4%, taking the average property value to £147,065. Monthly house prices rose by 1% compared with September 2016.

London showed an annual price increase of 7.7%, which took the average property value to £474,475. Monthly house prices fell by 1.2% since September 2016.

The regional data indicates that:

• the East of England experienced the greatest increase in its average property value over the last 12 months with a movement of 12.3%
• the East of England also experienced the greatest monthly growth with an increase of 1.3%
• the North East saw the lowest annual price growth with an increase of 2.7%
• the North East also saw the most significant monthly price fall with a movement of -1.3%.

Home sales in the UK increased by 1% between September and October. However, the level of home sales in October 2016 was 8.0% lower than in October 2015.

Please contact Lucie Stewart and Gary Baber if you would like advice about the legal aspects of buying or selling a home.