The latest UK House Price Index has revealed that for October 2016, there was an annual price increase of 6.9% – taking the average property value in the UK to £216,674.

In England, the October data shows an annual price increase of 7.4% which takes the average property value to £232,655. Monthly house prices have fallen by 0.1% since September 2016.

Wales demonstrated an annual price increase of 4.4% bringing the average property value to £147,065. Monthly house prices have risen by 1% since September 2016.

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Looking at the different regions in England, the East of England experienced the greatest increase in its average property value over the last 12 months with a movement of 12.3%. It also had the greatest monthly growth with an increase of 1.3%.

The North East meanwhile saw the lowest annual price growth with an increase of 2.7%, as well as the most significant monthly price fall with a movement of -1.3%.

In London, there was an annual price increase of 7.7%, taking the average property value to £474,475. Monthly house prices fell by 1.2% since September 2016.

With regards to home sales in the UK, these increased by 1.0% between September and October.

Compared with October 2015, the level of home sales in October 2016 is 8.0% lower.

(JP)