The Office for National Statistics (ONS) has reported that house prices in September 2020 were on average up by 1.7% on August.

There has been an annual price rise of 4.7%, which makes the average property in the UK valued at £244,513.

In England, house prices rose by 1.6% since August 2020 and by 4.9% annually taking the average property value to £261,795.

The South West experienced the greatest monthly price rise, up by 3.3%, while the East Midlands saw the lowest monthly price growth, with a movement of 0.5%.

Similarly, the South West experienced the greatest annual price rise, up by 6.4%. The North East saw the lowest annual price growth, with a rise of 3.3%.

London is behind the curve, with house prices only increasing by 0.8% since August 2020 and by 4.1% annually. The average property value in the capital is now £496,485.

Meanwhile, house prices in Wales have fallen by 1.9% since August 2020 and risen by 3.8% annually taking the average property value to £170,604.

Andrew Montlake, managing director of mortgage broker, Coreco, said: “Record highs all round but ironically they’re not the main story right now. News of a vaccine that few expected so early could transform the trajectory of the property market during 2021.

“We were all bracing ourselves for a major reversal in recent house price growth but the vaccine could provide a shot into the property market’s arm.

“There will still be increased unemployment given the impact of the pandemic on the economy but a vaccine could see sentiment keep its head above the surface, which for the property market is key.

“For now, the property market continues to stall, and first time buyers looking to borrow at higher loan to values remain on a hiding to nothing.

“Nevertheless, there is still an acceptable flow of transactions for now, which is being driven by landlords, holiday home buyers and those with secure jobs and decent equity in their homes.”