House price growth climbed by 11.8% in September – ONS figures show

Figures released by the Office for National Statistics (ONS) show that average house prices in the UK soared by nearly 12% in September this year. This represents a significant rise from 10.2% in the year to August 2021.

The figures, which were released by HM Land Registry, show that the average home in the UK in September cost £270,000, £28,000 higher than the same time in 2020.

The biggest jump in house price growth was seen in England, where property climbed to an average £288,000. This was followed by Wales, where the average cost of a property jumped by 15.4% to £196,000 and then Scotland, which witnessed a rise of 12.3%. Northern Ireland experienced the slowest growth, with the average property costing £159,000, marking a 10.7% rise.

Mark Harris, chief executive of mortgage broker SPF Private Clients, said it was good news for the market as lenders continue to broaden their lending policies.

“With inflation ticking up again, the pressure is back on the Bank of England to raise interest rates sooner rather than later. Mortgage pricing continues to be a mixed bag, with pricing rising for those requiring 60 to 75 per cent loan-to-values, while higher LTV borrowing costs continue to fall. The good news is that lenders continue to broaden policy with many now back at pre-Covid criteria, making it easier for a wider range of people to get a mortgage,” said Harris.

The rise in prices has also been pinned on low mortgage rates and the desire among buyers to purchase homes with more space.

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