House price inflation hits 0.3%

The Department of Communities and Local Government (DCLG) has revealed that UK house prices increased by 0.3 per cent in September.

In the department's monthly house price report, it has revealed that property prices across the country continued to rise but at a slower rate than that seen in August.

The 0.3 per cent increase represents a fall from the 0.5 per cent figure recorded in the previous month and the 0.8 per cent growth seen in September 2006.

However, the market remains robust and impressive increases were recorded for flats (1.2 per cent), semi-detached homes and bungalows (both 0.3 per cent).

The average price of a property in the UK stood at £220,111 in the month, with annual inflation reaching 10.8 per cent.

London was by far the best performing region in England, with annual inflation hitting 16.5 per cent and the average property price recorded as £342,319.

Nationwide recently put monthly house price growth in October at 1.1 per cent.

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