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House price growth stagnant as slowdown continues

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UK average house prices increased 1.3 per cent to £234,000 over the year to September, the Office for National Statistics (ONS) has revealed.

This represented a £3,000 rise in prices compared to the average for September last year. 

The ONS said house prices had seen a “general slowdown” in growth over the past three years, driven by the South and East of England. 

Regional breakdown 

Average house prices increased one per cent over the year in England to £251,000; in Wales prices rose 2.6 per cent to £164,000; Scotland saw a 2.4 per cent increase to £155,000 and Northern Ireland recorded a four per cent rise to £140,000. 

The North West saw the highest annual house price growth, with prices increasing by 2.8 per cent in the year to September 2019. This was followed by Yorkshire and The Humber, increasing by 2.2 per cent. 

London experienced the lowest annual growth rate over the month, dropping 0.4 per cent to £475,000, followed by the East of England which saw a decline of 0.2 per cent. 

Bounce back on the horizon? 

John Goodall, chief executive and co-founder of specialist lender Landbay, said due to political uncertainty, the market was “unlikely to see significant growth until the new year”. 

Andrew Montlake, managing director of broker firm Coreco, echoed this: “All eyes for now are on the December general election. 

“When we all wake up, somewhat ominously on Friday 13 December, we will know a lot more about the likely direction of the property market in 2020 and beyond.” 

Despite the general sentiment, Sam Mitchell, chief executive at online estate agent Housesimple, said he predicted a pre-election recovery as people got on with things.  

He said: “We’d expect to still see an autumn bounce in house prices in October and November, as well as an uplift in property listings, as home movers push to sell before the year ends.” 

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