House prices up 0.3 per cent in October

The average house price in the UK inched closer to the £200,000 barrier, according to the latest meta-index of property data released by online property portal Chesterton.

The average UK property now costs £197,616, according to the organisation.

During October the average monthly residential property price inflation stood at 0.3 per cent, with prices rising by 8.3 per cent since July 2006.

In the top 20 per cent of the market, in terms of value, prices increased by an average of 14.5 per cent.

This compares to growth of six per cent in the bottom twenty per cent of the market.

However, London saw prices fall slightly.

Prices were down by 0.1 per cent in the capital during October, but annual growth remained strong, at 12.4 per cent.

Yorkshire and the Humber was the only other region across the country to see price falls, with the average house price declining by 0.6 per cent month on month in October.

Finally, the average price of a flat/apartment/maisonette stood at £165,724 during October.

This compared to £163,049 for the average semi-detached house or £136,696 for a terraced property.

The findings are based on a correlation of data from other market analysts, including the Royal Institution of Chartered Surveyors (Rics), Halifax, Nationwide, the Land Registry and department for Communities and Local Government (CLG).

Chesterton takes into account findings from these organisations, considering their timeliness, accuracy, relevance, availability and the statistical methods to form its 'poll of polls'.