The latest information from the Land Registry and the Office for National Statistics (ONS) concerning the housing market noted that there was little change in house prices. The UK House Price Index for August which comprises the most recent data available revealed that house prices increased by an average of 8.4% on an annual basis. The month to month increase from July to August was 1.3% bringing the average house price in the UK to £218,964.

The data for England alone shows house prices increased annually by 0.2% to an average £235,573, while the month to month increase from July amounted to 1.4%. The average house price in Wales increased by 2.7% annually, and the month to month average house price declined by 0.6% to a level of £144,514.

The regional area in which the House Price Index reported the greatest increase was the East of England with an annual increase of 13.35%. The lowest annual price growth at 3% was recorded for the North East.

Volume in property sales across the UK increased in the year to August by 8.4%, which is an increase over the volume increase in the year to July of 8.0%.

Demand in property sales appears to remain strong leading into the holidays. It is expected that there are many home buyers that have been holding out or working on their deposit savings that will see the current historically low interest rates attractive and seek to buy before year end.

While forecasts for the housing market in the coming year have not been as optimistic, growth is still expected throughout 2017, just not as robust a growth as seen in 2016 or 2015.