UK house prices up 1.2% in October

house pricesThe UK house prices average property price is up 1.2% on the month after a monthly September dip and show strong annual growth of 6.8%, according to the latest figures from haart.

London saw annual house price growth of 18% in October with prices up 0.3% from September.

The estate agent predicts UK property price growth of between 3.5% and 5% in 2015 and in London up to 7%.

Paul Smith, CEO of haart, said: “Although price growth is easing it is merely a market correction with all signals pointing to price rises of up to 5% across the UK next year. Savvy buyers and sellers would be wise to run with the window of opportunity that this creates now.

“In the run up to the election it will be a case of ‘steady as she goes’ with little intervention from the government which thinks it has bigger fish to fry. However, this is short-sighted. Now is the time for some erudite analysis of the housing market by all political parties if we are to emerge post-election with renewed vigour. Supply of homes is the biggest issue affecting prices and until this is properly addressed, prices will continue to rise.”

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