Annual house price inflation in the UK slowed to 10.2% over the year to October, according to the latest UK House Price Index from the Office for National Statistics (ONS).

The latest figure was down from the 12.3% reported by the ONS in September.


According to the data, the average UK house price stood at £268,000 in October, a value £24,000 higher than the same time last year.

Average house prices increased over the year by 9.8% in England to £285,000, 15.5% in Wales to £203,000, 11.3% in Scotland to £181,000 and 10.7% in Northern Ireland to £159,000. London remains the region with the lowest annual growth at 6.2%, the ONS confirmed.


Commenting on the latest figures, Trussle head of mortgages, Miles Robinson, suggested that while house price growth remains “buoyant”, a difficult winter for household finances is now shaping up.

“Families are facing a steep rise in energy bills and an increase in the general cost of living,” Robinson highlighted. “This squeeze in consumer spending will almost certainly impact people’s ability to save for deposits and ultimately move home. As such, we could well see house price growth begin to stall.

“People’s thoughts are also beginning to turn towards a possible rise in interest at the end of this year. While it may seem small, an interest rate rise of just 0.25%, which is a likely scenario, could add £324.48 onto the average mortgage per year. As such, now is a good time for people to start looking at their outgoings, and mortgages are the perfect place to start.”

Masthaven Bank director of intermediaries, Rob Barnard, added: “Ongoing levels of high demand, a shortage of available properties, and resilience from the labour market, have combined to keep property activity levels and house prices buoyant. Despite the end of the stamp duty initiatives, house prices are continuing their steady upward trend.

“With the potential return of some lockdown measures looming, the ongoing ‘race for space’ also looks set to continue, driving up demand for typically more expensive properties with more rooms and outside space.

“The market has already demonstrated its resilience through almost two years of the pandemic, and it will be vital that it continues to support borrowers and respond to their unique and shifting needs.”

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