The average price of a house in Britain jumped by 12.6 per cent in October, compared with a year earlier, according the Office for National Statistics (ONS).
The jump comes after 9.9 per cent increase in September, which was partly due to stamp duty changes last year, the ONS said.
Across the UK, the average house price in October was £33,000 ($40,657) higher at £296,000.
On a seasonally-adjusted basis, the average UK house price increased by 0.7 per cent between September and October, following an increase of 0.5 per cent in the previous month.
The news comes as the latest inflation data shows a fall in consumer price inflation (CPI) to 10.7 per cent in November, from 11.1 per cent the month before.
“Annual house price inflation increased in October, although this was mainly because of the sharp fall in house prices at the same time last year following the end of the stamp duty holiday.” said Aimee North, head of housing market indices at the ONS.
“London saw the lowest annual growth throughout the UK and was the only region to show a fall in average house prices between September and October 2022, while house prices in the north-east saw the highest annual growth.”
Nonetheless, experts still believe house prices will start to fall significantly in the coming years.
“When the spring market gets under way next March, mortgage rates will be more than two percentage points higher than at the same point in 2022", said Tom Bill, head of UK residential research at Knight Frank.
“This will keep transaction volumes in check and means price declines will become more prevalent. Knight Frank expects UK prices to fall by 10 per cent over the next two years, taking them back to where they were in summer 2021.
“We think London prices will continue to underperform the rest of the country, with the exception of prime central areas, which will benefit from a higher proportion of cash buyers.”
Jamie Durham, an economist at PwC UK, said: “Given the current economic conditions, there is considerable uncertainty in the outlook for the housing market.
"However, stretched household finances, rising interest rates and a likely recession means a decline in house prices does look likely over the coming months.”
Rental market strength
The ONS said rental prices made their strongest gains in six years, driven by large gains in the rental markets in London and the East Midlands.
ONS data showed private rents paid by UK tenants rose by 4 per cent in the 12 months to November, up from 3.8 per cent in the 12 months to October, which is the biggest annual percentage change since the records started in January 2016.
Annual private rental prices increased by 3.9 per cent in England, 3.1 per cent in Wales and 4.4 per cent in Scotland in the 12 months to November.
In London, private rental prices were up by 3.5 per cent in the 12 months to November, the strongest annual percentage change since April 2016.
Mohammed bin Zayed Majlis
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Reputation
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Mohammed bin Zayed Majlis
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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More on Quran memorisation:
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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