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ONS: House prices up 12.1% year-on-year in September

House prices in the UK rose by 12.1 per cent in the year to September 2014 - the highest annual increase since July 2007, according to data from the Office for National Statistics (ONS).This was a significant climb from the previous month's figure of 11.7 per cent year-on-year growth and contradicts other recent surveys that suggest a slowdown is taking place.The sharpest price rises were witnessed in London, where an annual increase of 18.8 per cent occurred. There were also significant rises in the east (13.4 per cent) and the south-east (11.6 per cent).Prices paid by first-time buyers were 13.3 per cent higher on average than in September 2013, while they were 11.5 per cent higher for owner-occupiers.According to the ONS, the average UK mix-adjusted house price in September 2014 was £273,000.In the capital, the average house price stood at £508,000, while the corresponding figure for the north-east was just £154,000. Prices in London, the south-east and the east were all higher than the national average.However, the ONS revealed that house prices in a number of regions fell back from the record levels witnessed in August 2014, with only those in the east of England remaining at those levels.In its latest House Price Index, Halifax revealed residential property prices declined by 0.4 per cent between September and October, while quarterly growth of just 0.8 per cent was the slowest increase since December 2012.Howard Archer, economist at IHS Global Insight, told the Guardian: "With housing market activity clearly off its early-2014 highs, we suspect house prices will generally rise at a more sedate rate over the coming months. "Specifically, we expect house prices to rise by around five per cent in 2015 after a likely modest overall increase in the fourth quarter of 2014." 

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