The prices of residential properties have gone up by 5 per cent annually, according to latest data released by Office of National Statistics.

The average price of a property in the UK was £226,000 in August 2017 while the prices went up by 0.5 per month-on-month. Though the annual growth rate has slowed since mid-2016, it has remained broadly under 5 per cent during 2017.

The average house price recorded in August is £11,000 higher than in August 2016 and £1,000 higher than last month.

The main contribution to the increase in UK house prices came from England, where house prices increased by 5.3 per cent over the year to August 2017, with the average price in England now £244,000. Wales saw house prices increase by 3.4 per cent over the last 12 months to stand at £150,000. In Scotland, the average price increased by 3.9 per cent over the year to stand at £146,000.

On a regional basis, London continues to be the region with the highest average house price at £484,000, followed by the South East and the East of England, which stand at £325,000 and £288,000 respectively.

The local authority showing the largest annual growth in the year to August 2017 was Wellingborough, where prices increased by 15.3 per cent to stand at £215,000.