15 Oct

House prices up 2.7% in September

House prices up 2.7% in September

House prices rose 2.7 per cent in September, defying fears of a rapid downturn in growth.

According to figures from Rightmove, house prices were up 2.7 per cent over the month.

The rise was the largest in the six months and counteracted the fall recorded during August.

Price growth was most marked in London at five per cent, helping to bring the average value of a home nationwide to £241,642.

However, according to Rightmove the figures represent a distortion of market conditions and can be attributed to owners of higher value homes rushing to put their properties on the market in a bid to avoid having to pay for Home Information Packs (Hips).

Rightmove said: "When one and two-bedroom properties hit their own Hip deadline, we expect to see a price fall of up to five percent in a month, driven by the same distorting effect, which will then be largely reversed in the following month."

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