Annual property prices growth continues across the UK

Meanwhile the UK's official House Price Index for August - the latest data available - shows that in England, house price annual inflation hit 5.3 per cent which takes the average property value to £243,520.

The ONS figures lag behind those by Halifax, which reported annual house price inflation at four per cent in the three months to September and Nationwide, which reported annual house price inflation slowing down to two per cent in September.

England shows an annual price increase of 5.3% and a monthly increase of 0.7%.

Founder and CEO of eMoov.co.uk Russell Quirk said the modest growth was positive given "turbulent market conditions". Wales saw a 3.4% rise while Scotland rose 3.9% and Northern Ireland's average rose 4.4%. This will make securing a first mortgage that bit harder, though we should remember that there are still extremely attractive mortgage deals on the market. If the Bank of England does decide to raise the base rate next month, it will have an immediate impact on those on a variable rate mortgage, who will see their monthly mortgage payments creep up, ' he explained.

Richard Snook, senior economist at PwC, said the data shows relatively little movement in price growth from the previous month.

Shaun Church, director at mortgage broker Private Finance, says fierce competition now between mortgage lenders will mean a base rate rise will have a relatively subdued effect on the market at first - but then house prices may suffer.

"With a sustained level of buyer interest, albeit more cautious than usual, the market should weather any potential storm on the horizon, with the dark clouds of recent market uncertainty already starting to lift".

On a regional basis, London properties contributed the most to the growth, with the highest average price of £484,000, but the fastest pace of growth was in the north west, with prices increasing by 6.5%. As this is lower than the rate of inflation, it means that prices declined in real terms. There appears to be areas of the country where there is more activity than others, most likely driven by greater levels of affordability.

Jeremy Leaf, north London estate agent and a former RICS residential chairman, says of the figures: "They confirm what we're seeing on the ground - that the market is still showing signs of resilience and prices are holding up well but mainly due to the shortage of stock". We need more housing, and affordable housing, but delivering that has clearly been a challenge for a long time and we are seeing the consequences today, ' he pointed out. "The East Midlands, South West and Eastern regions all showed growth of 6.4%".

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