The price of a property in the UK has shot up by 12.6 per cent over the last year with the average now sitting at just below £300,000.
The latest House Price Index figures from the Office for National Statistics show the monthly increase was minimal however, at just 0.3 per cent.
London however had the lowest annual growth in house prices across the UK, and was the only region to show a fall between September and October 2022.
Fresh figures show the average price of a property in the UK in October 2022 was £296,422, a percentage change of 12.6 per cent compared to 9.9 per cent in the year to September 2022.
The ONS stressed that the increase in annual house price percentage change was primarily because there was a significant decrease in late 2021, after the change to stamp duty.
The increasing prices for properties throughout this year has however resulted in the average UK property reaching a record high. The average was £196,000 in October, up an eye-watering £33,000 on this time last year.
House prices in England reached £316,000, up by more than 13 per cent, with the ONS saying it is likely they were inflated last year, as buyers sought to complete deals before the Stamp Duty change came into effect.
The figures say the strongest growth was in the north east of England at 17 per cent, with the lowest annual growth in the capital, where prices went up by just 6.7 per cent.
ONS Head of Housing Market Indices, Aimee North said: “Annual house price inflation increased in October, although this was mainly because of the sharp fall in house prices at the same time last year following the end of the stamp duty holiday.
“London saw the lowest annual growth throughout the UK and was the only region to show a fall in average house prices between September and October 2022, while house prices in the North East saw the highest annual growth.
“Rental prices reported their strongest rise in six years driven by increases in the London rental market. East Midlands reported the highest annual rise while Wales replaced London as the region with the lowest.”