UK house prices increased by 2.9% on average to £292,000 in the 12 months to September, outpacing the annual growth rate recorded in the previous month.
In August, UK house prices grew by 2.7% on average.
According to the Office for National Statistics’ (ONS’) latest house price figures, annual inflation has been generally increasing since its low point of minus 2.7% in the 12 months to December 2023.
Provisionally estimated data released by the ONS showed that Scotland outpaced Wales and England for house price growth.
Scotland recorded a rise of 5.7% in September, up from 5.3% in August, taking the average property value to £198,000.
Homeowners in England enjoyed a 2.5% rise to £309,000, compared to 2.2% in the previous month.
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Meanwhile, the Welsh housing market saw just 0.4% growth, compared to 2.9% the month before, taking the average property price tag in Wales to £217,000.
North East is strongest region
The North East was the English region with the highest house price inflation in the 12 months to September 2024, at 6.5%. This was up from 2.1% in the 12 months to August 2024.
Annual house price inflation was lowest in London, at a decrease of 0.5%. This was down from an increase of 1.2% in the 12 months to August 2024.
Nick Leeming, chair of Jackson-Stops, said: “Today’s figures, running six weeks behind reality, offer an air of calm confidence.
“The late Autumn Budget spurred buyers to push completions over the line before any policy changes could disrupt the status quo.
“No doubt investors who were nervous about possible stamp duty and capital gains tax rumours were pushing for transactions to complete before the end of October. This practical perseverance is evident across the Jackson-Stops network, with instructions steady and a slight increase in prospective buyers on an annual basis.
“Areas such as Chichester, Ipswich, Northampton, Sevenoaks, and Woburn all saw a bounce in instructions in October, but demand in these areas from new buyers far exceeds new listings. The hope is that the government’s commitment to build more than a million new homes does help to address this supply shortfall, but not at the expense of market confidence.”
