House prices in England and Wales rose by 0.4% in October, leaving the average price of a property at £304,433.
This was the finding of Your Move’s latest house price index, which shows that the majority of regions in England and Wales saw house price gains over the course of the year, the biggest being in the West Midlands and the East Midlands, which increased by 3.1% and 2.8% respectively.
The index, which is measured each month, showed there were gains in Greater London, where house prices increased by 0.3%.
October’s price rise follows steady house price gains in September, when data showed property in Britain had increased by 2% over the year.
In response to the 2% yearly rise, Nationwide’s chief economist Robert Gardner said the steady growth suggests “little change in the balance between demand and supply in the market.”
Gardner also acknowledged a buoyant house price market in the capital.
“Prices (in London) are only 3% lower than a record high in early 2017 and are still more than 50% more than in 2007,” said Nationwide’s chief economist.
The steady house price growth the UK has experienced in most regions during 2018, paints a positive picture for the market going into 2019 and the ensuing years.
It is forecast that house prices will rise by 14.8% in the next five years, adding £32,000 to the average home in England and Wales. The North West is poised to see the biggest growth rates, forecast to rise by 21.6% between 2019 and 2023.
London, which has seen house prices increase by a staggering 72% in the past ten years, is predicted to see property value gains of 4.5% between 2019 and 2023.
The cost of rent is also forecast to increase significantly during the next five years, estimated to rise by 13.7% and 15.9% in London.
If you are thinking about buying property at auction and capitalise on what has been described as a “stable” property market for the whole of the UK, check out our Guide to Buying at Auction.
You can also browse through the current lots we have available in our forthcoming property auction in London.