House prices across the U.K. were up 5.4% in September compared to last year and up 0.4% from last month, with the average house price in the nation reaching £226,367 (US$297,051), according to a new report by the U.K. government’s Office for National Statistics.
England’s contribution led the increase, where prices climbed 5.7% over the year. It was followed by Wales, which saw house prices increase by 5.3% over the last 12 months. In Scotland, the average price rose by 3.1%, according to the report.
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The report analyzed Northern Ireland’s quarterly prices and found the average price increased by 6.0% in the third quarter of 2017 compared to the same period last year.
On a regional level, the largest annual growth was in the North West of England, at 7.3% and up from 5% in August 2017. The slowest annual growth was in London at 2.5%. This is the 10th consecutive month where the growth in London house prices has remained below the U.K. average, the report said. The report did not detail the luxury market.
While England led the U.K.’s sales increase, it also led the volume decrease, with a 17.1% drop in sales volume compared to July last year. England was followed by Wales, which saw an 11.3% decline in sales volume, and finally by Scotland, where sales fell 5.7%.
In Northern Ireland, sales volume was down 8.6% during the third quarter.
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The report compared July figures since volume figures for the most recent two months are not yet at a reliable level for reporting, the report said.
In the U.K as a whole, the number of property transactions completed in July 2017 decreased 15.2% when compared with July 2016 and are currently at a five-year low, according to the report.
But the estimate for July 2017 is calculated based on around 90% of the final registered transactions. It is likely that the number of property transactions for the month will increase, as more transactions are incorporated into the index, the report said.