House prices show an annual rise but a monthly fall

Average house prices throughout the UK rose by 4.5% in the year to October but there are signs that they may be starting fall.

There was a decrease of 0.5% between September and October 2017. However, Wales bucked the trend with an increase of 0.8%.

The price of the average house in the UK is now £223,807.

The figures are compiled by HM Land Registry. They pre-date the changes in Stamp Duty announced in the Budget, and the increases in interest rates.

Price change by region for England

Region	Average price October 2017	Annual change % since October 2016	Monthly change % since September 2017
East Midlands	£184,544	7.0	0.2
East of England	£289,168	6.1	0.1
London	£481,102	2.1	-0.9
North East	£127,224	2.4	-0.1
North West	£154,056	3.9	-2.0
South East	£322,311	4.6	-0.5
South West	£251,376	6.7	0.2
West Midlands	£186,351	5.2	-1.1
Yorkshire and the Humber	£155,281	3.3	-1.1

Wales

The data for Wales shows:

• an annual price rise of 4.5% which takes the average property value to £153,316
• house prices have risen by 0.8% since September 2017.

Please contact Eugene Pritchard or Dipak Odedra if you would like advice about the legal aspects of buying or selling a home.