Month-on-month, national house prices rose by 0.4% compared to 1.8% in London. Annual house prices in London outpaced the rest of the country with price increases of 10.6% taking the average property price to £503,431.
Broken down into property type, the national average price of a detached home is £290,487; semi-detached £175,829, terraced £141,002; flats and maisonettes £179,378. The price of flats and maisonettes saw the biggest growth with a 6.6% annual rise.
Outside of London, the South East of England followed by the East of England recorded the largest annual price increases with growth rates of 8.3% and 8% respectively taking the value of homes in these regions to £257,818 and £212,881. House prices in Yorkshire and The Humber grew the least in the 12 months to October with a rise of 1.4% taking the average property price in the region to £122,058.
The number of property transactions have fallen over the last year. From May 2014 to August 2014, there was an average of 82,748 sales per month. Against the same period a year later, the figure had dropped to 77,046.
Nationwide’s house price index painted a similar picture. The society’s statistics revealed a monthly rise of 0.1% in November and an annual rise of 3.7%, or slight slowdown from 3.9% in October.
Stephen Smith, director, Legal and General Housing Partnerships, said: “Although today’s Nationwide house price figures paint a more subdued picture for the latter part of the year, this is most likely due to the fall in demand that typically occurs around the Christmas period. Statistics from Land Registry show that house prices continued a steady rise throughout the autumn months and it remains widely expected that favourable market conditions will drive demand, pushing up house prices above the level of inflation well into 2016.”