House prices push higher in September - UK HPI

20th Nov 2024 10:56

(Sharecast News) - UK house prices continued to grow in September, official data showed on Wednesday, despite weakness in the London market.

The latest provisional UK house price index, calculated by the Office for National Statistics, showed prices rose 2.9% year-on-year in September, to £292,000.

In August, annual house prices rose by an upwardly revised 2.7%.

On a monthly basis, non-seasonally adjusted prices eased 0.3%. On a seasonally-adjusted basis, the decrease was 0.1%.

Across the UK, house price inflation was highest in the north east, where prices jumped 6.5%.

In contrast, prices softened 0.5% in London.

Nicky Stevenson, managing director at estate agent Fine & Country, said: "The property market continues to demonstrate exceptional resilience in the face of uncertainty. To sustain this momentum and strengthen buyer confidence, policymakers and lenders must prioritise accessibility and affordability, particularly for first-time buyers."

Rachael Hunnisett, director of April Mortgages, said: "Mortgage rates are creeping up again, and inflation has now climbed back above the Bank of England's 2% target, casting doubt over the strength of the housing market's recovery.

"If interest rates are slow to fall in the coming months, we may see house price rises soften as homebuyers become more cautious and demand falls."

Data for the UK HPI is provided by HM Land Registry, Registers of Scotland, The Land & Property Services/Northern Ireland Statistics & Research and the Valuation Office Agency.