e.surv: House prices up 0.9% in October

On average, house prices in England and Wales have increased by 0.9% in October, according to e.surv Chartered Surveyors’ house price index (formerly the LSL Acadata House Price Index).

On an annual basis, house prices rose by 4.4%, with Greater London showing the greatest increase regionally, up by 2.5%.

Moreover, the average house price in England and Wales is now at £314,643.

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Richard Sexton, director at e.surv, said: “House prices continued to rise month on month through October, however, the momentum has slowed significantly.

“Despite the slowed growth, average property values still stand at 4.4% higher than this time last year. This increase is still thought to be largely buoyed by the purchase of the bigger, and often more expensive, homes – activity which has been encouraged further by the stamp duty holiday in England.

“The resilience of the housing market through the crisis has been astounding, as shown by the continual rise of prices since June. The first national lockdown, which left many in England and Wales almost totally confined to their current homes, certainly seems to have re-focused the minds of a lot of consumers onto the property market.

“At e.surv, our present focus is centred on providing an effective and safe service within England’s lockdown regulations, as well as supporting the market in Wales as it exits the fire break. We will continue to act with the utmost consideration for the safety and wellbeing of our customers, colleagues and the wider public as we continue to navigate the pandemic.”