The latest house price index from the Land Registry shows house price have increased at an annual rate of 6.9%, up marginally month on month (0.1%).
However, this monthly trend is reversed when looking at England alone with prices down on last month by 0.1%, but still up by 7.4% over the year.
The annual rate of increase is only marginally higher across the capital at 7.7%, with London prices falling by a notable 1.2% between September and October.
The East of England is the region to have enjoyed the greatest monthly and annual growth, while the North East has seen the biggest drop month on month, as well as the slowest annual growth.
It would seem that London has taken a back seat when it comes to the driving force behind UK house price growth, having suffered a 1.2% drop month on month, despite monthly growth creeping up by 0.1% across the UK as a whole.
The industry will really start to stutter to a halt now as Christmas fast approaches and so any panic over falling house prices should really be taken with a pinch of salt. Not only will buyer demand drop right off as thoughts turn to the stress of the festive season, but many sellers will also freeze the marketing of their property, ready to hit the ground running again in January.
Although there is a great marketing push behind the “Boxing Day Bounce” and the number of people that log on after the Queen’s speech to surf the property portals, this has little benefit to actual sellers, as those full of Christmas merriment are unlikely to be serious in their search. So it really is worthwhile to enjoy your time with friends and family and prepare for the onslaught of buyer interest that will come with the New Year.Russell Quirk