House prices up in September

Posted: 12 Nov 2007 13:49:52 GMT

House prices increased by 0.3 per cent between August and September, according to the latest report.

House prices increased by 0.3 per cent between August and September, according to the latest report.

The Department for Communities and Local Government (DCLG) has revealed the level of growth in its monthly house price index.

It shows that annual inflation in the UK reached 10.8 per cent, while London properties saw growth of 16.5 per cent.

The average house price in the UK is now £220,111, up on the £219,369 figure recorded in the previous month.

Flats saw the largest month-on-month growth, with prices increasing by 1.2 per cent, while semi-detached houses and bungalows saw prices rise by 0.3 per cent and detached houses increased in value by 0.1 per cent.

London's average house price stood at £342,319, while the East, south-east and the south-west also recorded figures above the UK average.

Commenting on the index, Howard Archer from Global Insight said that "a lack of supply, supportive demographics, high employment and the fact that few vendors
are currently having to sell for 'distressed' reasons" will continue to support the housing market.

© Houseladder Ltd