Phone Us

UK Property Values Continue on the Rise in October Says ONS

The Office for National Statistics' latest index shows that house price rose further in October.

The Office for National Statistics' latest index shows that house price rose further in October.

Data from the ONS’ October House Price Index shows average property values increasing annually by 6.9% across all UK regions.


On a monthly basis, prices rose by 0.1% from September to October 2016, taking the average property value to £216,674.


The East of England saw the greatest growth overall, with prices in the region rising by 1.3% month-on-month, as well as an annual increase of 12.3%.


The South East saw the second largest annual growth at 9.1%, followed by London at 7.7%, and the East Midlands at 7.5%.


Significant annual growth was also seen in the South West, where property values rose by 7.2% to an average of £240,322, and in the West Midlands, with prices in the region experiencing a 6.2% uptick from November 2015.


Overall, house prices in England rose by 7.4% annually but fell slightly by 0.1% from October. In Wales, property values increased by 4.4% over the course of the year and underwent a monthly increase of 1.0%, establishing a new average house price of £147,065 in the region.


In terms of the UK’s rental market, figures released by letting agent service provider Homelet revealed that rents across the country also continued to increase in November.