House prices increased by 7.7 per cent year-on-year in October, taking the average property value in England and Wales to £177,377 new data has revealed.
Data from Land Registry’s house price index showed prices rose just 0.1 per cent from September to October.
FTAdviser previously reported that the average house price in England and Wales cost £177,299 in September, only 2.2 per cent less than November 2007’s peak of £181,324.
Repossession volumes decreased by 42 per cent in August this year to 751, compared with 1,301 in August last year.
London experienced the greatest increase in its average property value over the last 12 months, with a movement of 18.6 per cent, while Wales saw the lowest annual price growth with a movement of 2 per cent.
The most up-to-date figures available showed that during August the number of completed house sales in England and Wales increased by 4 per cent to 82,415 compared with 79,587 last August.
The number of properties sold in England and Wales for over £1m in August increased by 15 per cent to 1,363 from 1,185 in August 2013.
The most expensive sale in October was in Holland Park, London, for £19m, while the cheapest sale was in Burnley, Lancashire, for £12,000.
Peter Rollings, chief executive of estate agent Marsh and Parsons, commented that UK house prices are still edging forward, albeit in the shadows of the advances we saw in the first half of the year.
“London has considerably outperformed all other regions during the last 12 months, but growth has slowed, and on a monthly basis only edged up slightly. In addition, prices are slipping in some of the most expensive areas of the capital, with values in Kensington and Chelsea falling 2.5 per cent over the month to October, as growth tails off more sharply at the top end of the market.”
He added: “It is safe to say that ears will be pricked during Osborne’s Autumn Statement next week, and all parties need to be wary of quashing the intrinsic momentum of the property market.”