Price growth in the housing market is slow across the UK but London is again the most troubled region, seeing an annual fall of 0.3 per cent in September according to the government’s official ONS House Price Index.
Average house prices in the UK increased by 3.5 per cent in the year to September, up slightly from 3.1 per cent in August. The average UK house price was £233,000 in September 2018. This is £8,000 higher than in September 2017.
On a non-seasonally adjusted basis, average house prices in the UK were unchanged between August and September this year, compared with a decrease of 0.4 per cent in average prices during the same period a year earlier.
House prices in England increased 3.0 per cent in the year to September, up slightly from 2.8 per cent in the year to August. The average price in England is £249,000.
And prices in Wales increased by 5.8 per cent over the last 12 months to an average of £162,000. In Scotland, that average increased 5.8 per cent annually to £153,000.
The average house price in Northern Ireland currently stands at £135,000, an increase of 4.8 per cent.
The West Midlands showed the highest annual growth in a single region, with prices rising by 6.1 per cent followed by the East Midlands on 6.0 per cent.
London is the region with the highest average house price at £482,000, followed by the South East and the East of England, at £328,000 and £294,000 respectively.
Jeremy Leaf, north London estate agent and a former RICS residential chairman, says: “Once again we are seeing prices softening but no dramatic change, underpinned by low mortgage rates and supply.
“The biggest problem we are finding, on the ground, is lack of transactions and the time required to bring them to fruition.
“The price falls in London are masking a more resilient picture elsewhere in the country, underlining how misleading it can be to judge the market as a whole by what is happening in one region.
“Brexit is not the main culprit, although news today that negotiations may finally be coming to a conclusion will be welcome. Historic affordability issues, particularly in London, are more of a problem.”