House prices rose in September, but not as much as previously this year, found the Government?s Department of Communities and Local Government, as further evidence of a gentle slowdown in the market.
The average house price stood at £220,111, up from £219,369 in August, the latest report says, putting house price inflation at 10.8% down from 11.3% in August. The UK-wide figures found inflation down in all four counties in the UK, but fastest in Wales. The highest inflation rate was found to be in London, followed by the South East and the South West, the report says.
Brigid O?Leary, property economist at Capital Economics, said that these delayed results reflect an accurate picture of the market, and the slowdown registered here is setting a pattern for these things to continue: ?It can take several months before softer demand is reflected in house price data at the final stage of the buying process. But as weaker market fundamentals take hold of the housing market, house price growth will slow materially,? she said.