"Yet again annual house prices continued their upwards trajectory in November, as a horde of potential buyers flooded the housing market up and down the UK."
The average UK house price was £217,000 in October 2016 - £14,000 higher than in October 2015 and unchanged from September.
The East of England saw the highest annual growth with prices increasing by 12.3% in the year to October. Growth in the South East was second highest at 9.1%, followed by London at 7.7%. The lowest annual growth was in the North East, where prices increased by 2.7% over the year.
Jeremy Duncombe, Director, Legal & General Mortgage Club, commented: “Yet again annual house prices continued their upwards trajectory in November, as a horde of potential buyers flooded the housing market up and down the UK.
“Buyers are still struggling to get onto the property ladder, however, largely due to the chronic shortage of affordable homes. What we need is more schemes designed to stimulate supply, as opposed to policies that simply drive demand. Hopefully with the announcements in the Autumn Statement, this will be the Government that finally tackles the housing crisis once and for all.”
Richard Sexton, Director of e.surv, added: “Today’s results show a slight monthly downturn in house prices, with the most acute changes in London, and in particular prime property, which can in part be attributed to the changes in stamp duty rates.
“Annually, however, prices have continued to rise, with strong growth in areas such as the East of England and the South East, pricing many buyers out of the market completely.
“This situation is not desirable for those hoping to enter the market. The hugely regional picture also highlights the challenges the government is facing as it prepares its Housing Policy White Paper. However, with careful and progressive changes, the housing market could once again be accessible to all those hoping to get on the ladder.”
