This is according to the Office for National Statistics’ (ONS) UK House Price Index for September, which revealed there was only a slight dip of 0.2 per cent in property values on a non-seasonally adjusted basis over the month.
However, the statistics revealed average house prices increased by the same amount on a seasonally adjusted basis between August and September 2019, resulting in a balance between the two results.
Figures showed the average cost of a home in Britain in September 2019 was £234,000, which also represents an annual change of 1.3 per cent, increasing by £3,000 over the 12 months.
England house prices grew the least over the year, rising by just one per cent compared with a 2.6 per cent increase in Wales, a growth of 2.4 per cent in Scotland, and a four per cent change in Northern Ireland.
However, the low annual growth rate for UK houses could be good news for those hoping to buy a property from an estate agent in Retford soon.
Indeed, recent research from Halifax found the number of first-time buyers (FTBs) has increased from 72,180 during the first half of 2009 to 170,060 in the same period ten years later, Your Mortgage revealed.
The report also revealed FTBs accounted for more than half of the UK’s mortgage market in 2018, which is the first time this has occurred in 14 years.