House price growth was static in September but transactions are on the rise.

Land Registry figures show that average house prices grew 1.3% annually in September, the same rate as a month before, to £234,370.

The rate of growth is slower than the consumer prices index inflation rate of 1.5% and below wage growth of 3.6%.

Average prices were down 0.2% on a monthly basis.

House price growth was strongest in Northern Ireland where prices increased by 4% over the year.

The lowest annual growth was in London, where prices fell by 0.4% over the year to September 2019 – the 19th consecutive month of declines – followed by the east of England where prices fell by 0.2% over the year.

Provisional data based on 85% of transactions in July suggested UK sales were up 3.3% annually across the UK.

This was led by a 6.4% annual increase in Wales, 4.9% in Northern Ireland, 3.3% in England and 0.9% in Scotland.

It comes after Land Registry figures showed an annual decline in transactions for June.

Commenting on the figures, Mike Scott, chief property analyst at Yopa, said: “The official Government House Price Index for September confirms a slow but stable housing market, with average house prices rising by just 1.3% over the year, slower than the rates of both consumer price inflation and wage growth. House prices are thus becoming slightly cheaper when compared with consumer prices in general, and as a proportion of average earnings.

“Prices in much of the south-east of England are still declining.

“However, this represents something of a recovery for London, which was declining at an annual rate of 3% as recently as May. An annual fall of only 0.4% is its best performance since November last year.

“We expect little change in this report for the remainder of 2019, although perhaps a slight further slowdown to an annual rate of house price growth somewhere between 0% and 1%.”