Average UK house price rose an annual 10.4% in October to reach £271k

[Legal Beagles]

Property prices were up 10.4 per cent annually in October to reach an average of £271,000 according to the latest index from the Office for National Statistics, marking slower yearly growth than seen in previous months. In September, the index peaked with values up 12.1 per cent in a year. This October increase marks the […]

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[Mr $quanda£ot]

Re: Average UK house price rose an annual 10.4% in October to reach £271k

Great sensational DM headline but the article isn't saying much, just that house price growth has slowed down dramatically!

UK can't base its economy on house price growth forever - which appears to be the case right now. How many times have papers reported that people are earning more with their homes than by working? First of all, you only 'earn' with your property when you actually sell it. Then you buy somewhere else and oops, everything else has gone up too...

...ok I think many of us have used our homes as an ATM machine buy re-mortgaging etc. I did the same some ten years ago.

Selling a property isn't always quite as easy as it sounds. A friend of a friend was trying to sell a one bed in Hampstead a few months ago. NW3 postcode is one of the most sought after. Anyway, the flat was initially valued at about £750k and dropped a couple of times all the way to £650k. Still not much interest so off the market for now.

I think anyone who's been trying to sell in London at the prices people were prepared to pay in February/March knows the story far too well!