This compared to London’s rise of 1.3 per cent in September, a slight decrease from August’s increase of 1.5 per cent.
The index showed that house prices in England and Wales increased by 0.4 per cent in September, close to the 0.5 per cent average of the previous four months. This raised the average price to £183,896 in England and Wales, while the London average price reached £354,272.
The Land Registry also reported that annual change in house prices was 8.7 per cent for England and Wales as a whole – a noticeable dip on the 9.3 per cent average of the previous four months. In London, the annual figure stood at 16.5 per cent.
However, there were four regions that experienced negative price movement. The West Midlands had the greatest reversal of growth, with a change of minus 0.7 per cent for the month. The other areas affected were the East Midlands, South East and South West, with a negative growth of 0.2, 0.3, and 0.3 per cent respectively.
Roy New, a London-based sole broker, commented: “With rates going up and conditions as they are, I think areas outside London will fall back and start losing money.”
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