Home price growth slowed to 9.8% making the average property worth £373,427 in England and Wales over the past year, according to Acadata data from e.surv.
This monthly rise in September was 0.8%, compared to 1.1% in August, which also turned in an annual rise of 12.4%.
All 110 of the unitary authorities in England and Wales saw prices rise over the past year, ranging from a 25.5% jump in Devon, to 1.7% rises in Windsor and Maidenhead, the report says.
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It was only in London that 10 boroughs saw prices fall over the same period. Overall, in the capital, average price movements ranged from a 19.2% lift in Enfield, to a 27.2% fall in the City of London.
However, the survey points out that although average house prices eased to 9.8% in September, this was still the second highest annual growth rate in twelve months, with this August, at 12.4% posting the biggest rise.
It says: “The data for September’s housing market is still showing that we were in ‘the calm before the storm’, and what we now know — following the mini-Budget on 23 September — highlights the lag between the data and the new reality.”
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E.surv director Richard Sexton adds that the current data was gathered before “the new Chancellor’s intervention, which has significantly disrupted the supply of mortgage finance.
“The upward repricing in the funding and derivatives markets has fed through to a rise in all rates but particularly fixed-rate loans that account for 80% of mortgage lending. “The housing market may be driven by sentiment, but we should remember that desirable residential property is still in short supply, which will support prices.
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“We continue to enjoy full employment, and we do not know yet what further fiscal rabbits the Chancellor will pull out of his hat in his November statement [now brought forward to 31 October] to relieve the pressure on mortgage pricing.
“A watching brief has shown time and again that the UK housing market has proven remarkably resilient over recent months, and it may yet weather this particular storm too.”
By Roger Baird
Source: Mortgage Finance Gazette