House prices remained flat in October, following a flat reading in September. This is the sixth consecutive month of price growth, but the pace of growth is slowing.
Property sales
The number of property sales in October was down slightly from September, but was still above the long-term average.
Regional breakdown of average home prices
The average home price in London was £550,000 in October, down from £555,000 in September.
The average home price in the South East was £375,000 in October, down from £380,000 in September.
The average home price in the South West was £371,000 in October, up from £365,000 in September.
The average home price in the Midlands was £259,000 in October, up from £255,000 in September.
The average home price in the North West was £225,000 in October, up from £220,000 in September.
The average home price in the North East was £178,000 in October, up from £175,000 in September.
Government regulation updates
The government has announced a number of new regulations that could impact the property market in the coming months, including:
A new energy efficiency rating system for homes, which could make some properties less attractive to buyers.
A new tax on landlords who own more than 10 properties, which could make it more expensive to invest in property.
A cap on the amount of rent that can be charged in certain areas, which could reduce demand for rental properties.
Merry Christmas and a Happy New Year!
I hope you all have a wonderful holiday season and a prosperous new year. If you're thinking of buying or selling a property in the coming year, I recommend speaking to a qualified property expert to get advice on the current market conditions and the potential risks.
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