New record high for UK house prices

The average amount paid by first-time buyers has increased by +4.2% over the past year, which equates to an extra £9,409 in cash terms. This brings the typical first-time buyer property price up to £232,769, its highest level since May 2024.

However, that’s still about £1,000 less than the average amount paid by a first-time buyer two years ago (£233,760), a decrease of around -0.4%.

Northern Ireland continues to record the strongest property price growth of any nation or region in the UK, rising by +9.7% on an annual basis in September. The average price of a property in Northern Ireland is now £203,593.

House prices in Wales also recorded strong growth, up +4.4%, compared to the previous year, with properties now costing an average of £224,119.

Scotland saw a more modest rise in house prices, where a typical property now costs £205,718, +2.1% more than the year before.

The North-West once again recorded the strongest house price growth of any region in England, up by +5.1% over the last year, to sit at £234,355.

London continues to have the most expensive property prices in the UK, now averaging £539,238, up +2.6% compared to last year. This is still some way below the capital’s peak property price of £552,592 set in August 2022.