E.surv’s September House Price Index has revealed that annual house price growth stood at 9.8% in England & Wales.
The report found that all 110 Unitary Authorities in England and Wales saw prices increase over the year, while London is the only region with any price falls annually, and mainly in its high value boroughs.
Meanwhile, in Devon house price growth reached 25%.
E.surv said the average house price totalled £373,427, up 0.8% from August and up 12.8% annually.
Richard Sexton, director at e.surv, said: “Our data, taken across all residential property transactions, harks back to a market that predated the Chancellor’s mini budget.
“The average price paid for a home in England and Wales in September 2022 was £373,427, up by some £3k on the revised average price paid in August. From March 2020 to the end of August 2022, the average price paid for a home has increased by 18.1%, which contrasts with the increase in consumer price inflation (including housing – CPIH) of 12.2% over the same period. Property prices thus rose in real terms.
“But this was in advance of the new Chancellor’s intervention which has significantly disrupted the supply of mortgage finance. The upward repricing in the funding and derivatives markets has fed through to a rise in all rates but particularly fixed rate loans that account for 80% of mortgage lending.
“The housing market may be driven by sentiment, but we should remember that desirable residential property is still in short supply which will support prices. We continue to enjoy full employment, and we do not know yet what further fiscal rabbits the Chancellor will pull out of his hat in his November statement to relieve the pressure on mortgage pricing.
“A watching brief has shown time and again that the UK housing market has proven remarkably resilient over recent months, and it may yet weather this particular storm too.”
