The latest figures have revealed that property prices rose by 4.5% in the year to October.
According to the Office for National Statistics House Price Statistics, average house prices in the UK have seen an annual growth of 4.5% despite having seen a month-on-month fall from 4.8%.
In October, the average UK house price was recorded at £224,000, £10,000 higher than the correspondent month during 2016.
England was found to be the main driver of the growth, with the average house price here now standing at £241,000.
For Wales, the average house price now stands at £153,000, having also grown by 4.5% over the last 12 months.
Whilst Scotland saw annual growth, this was slightly more modest, with the average price reaching £144,000 having risen by 2.8%.
At a regional level, the East Midlands saw the most significant annual property rise at 7%, closely followed by the South West at 6.3% year-on-year.
The most modest yearly price rise was observed in London, where prices grew by just 2.1%.
Commenting on the recent figures was Russell Quirk. The Chief Executive of online agent eMoov highlighted that the seasonal fall was to be expected, stating: ‘While there has been a fall in the number of fresh listings coming on to the market as many now wait until after Christmas before selling, the number of actual transactions has continued to increase at a healthy rate.
‘This would suggest that it is business as usual for those already going through the process, but sellers are perhaps adjusting their expectations ever so slightly where price is concerned, in order to secure a sale this side of Christmas in tougher market conditions and to a tighter timeline.’
