Prices rose across the UK in October compared to the previous month, according to fresh research conducted by the Mortgage Advice Bureau.
According to its National Mortgage Index, regions such as Yorkshire and Humber, the North West and West Midlands saw the biggest increase, while values declined in London and the South East.
Last month’s data showed little change from the previous month. However, the better performing regions outweigh the overall picture where prices are easing slightly in some areas.
The Bureau used data based on mortgage applications and observed monthly movements made by consumers.
Results showed that the average purchase price in October 2017 was 0.4% higher than the previous month, while the average remortgage loan size rose in October to £176,186, a 1.1% increase from September 2017. Meanwhile, the average first-time buyer purchase price increased in October 2017 to £214,132, a 2.6% rise on the previous month.
Purchase transaction volumes remained constant in October, the Bureau confirmed, which is likely the result of activity starting earlier in the summer this year.
However, asking prices lessened in October, according to the Rightmove House Price Index. This is due to the continued housing shortage in many areas, as opposed to declining confidence from the interest rate increase.
Opinions still differ on whether the Chancellor’s decision to cut stamp duty for first-time buyers will have the desired effect on the housing market, the Bureau said. It added that, given the current political and economic setbacks, the market will remain unchanged for the remainder of the year, returning a ‘market performed as anticipated’ result by the end of 2017.