Annual house price growth accelerated to 3.4% in October, up from a revised estimate of 2.8% in the year to September, according to the Land Registry’s latest UK House Price Index.

This took the average UK house price to £292,000 in October, which is £10,000 higher than it was in the same month last year.

Average house prices increased over this period in England to £309,000 (3.0%), in Wales to £222,000 (4.0%) and in Scotland to £197,000 (5.5%). The average house price increased in the year to Q3 2024 to £191,000 in Northern Ireland (6.2%).

Of English regions, the data revealed that annual house price inflation was highest in the North East, where prices increased by 4.7% in the 12 months to October. London was the English region with the lowest annual growth, where prices increased by just 0.2% in the same period.

Commercial director at CHL Mortgages, Ross Turrell, said that the figures would provide investors with “a little more festive cheer”.

“In the face of challenging economic and political headwinds, the steady house price growth seen throughout 2024 highlights the enduring resilience of bricks-and-mortar investments in the UK,” Turrell commented.

“These figures reflect market activity during the uncertain lead-up to the Autumn Budget, so the fact that prices still grew should drive greater confidence and higher activity levels in the coming weeks. Looking ahead, there are plenty of reasons for optimism.”

Chief revenue officer at finova, Chris Little, added: “In the new year, lenders will continue to play by offering competitive rates and flexible mortgage products. But we must continue to foster collaboration.

“The truth is that lenders and brokers must work together. We cannot lean on ‘one-size-fits-all’. In 2025, it will be up to us all to provide bespoke support to buyers who are prepared to step onto the housing ladders, especially as pent-up demand finally flows into the housing market.”

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