Slight house price rises in October

House prices across England and Wales increased by 0.1 per cent in October.

That is according to the latest Land Registry House Price Index, which puts the average property price at £184,346.

Annual inflation reached 8.1 per cent, with London remaining the best performing region year-on-year.

However, the capital saw prices fall month-on-month, with a 0.6 per cent decline recorded.

Elsewhere, Wales saw the highest monthly price growth (two per cent), followed by the east of England (0.9 per cent), the West Midlands (0.8 per cent) and the south-east (0.7 per cent).

Commenting on the figures, Howard Archer from Global Insight said: "Evidence is mounting that the housing market is now cooling.

"We believe that the downside for house prices is likely to be limited by a lack of supply, the increasing number of households, high employment and the fact that few vendors are currently having to sell for 'distressed' reasons," he added.

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