Residential property prices rose by 12.1 per cent in the year to the end of September, official figures from the Office for National Statistics (ONS) show.

The data provided by the ONS reveals that the rate of growth increased from 11.7 per cent year-on-year during the previous month, which contrasts with other reports suggesting that UK home prices are slowing. Property price growth was led by London, where the average price of a home rose by 18.8 per cent year-on-year, the figures reveal.  According to the ONS, the average price of a home, based on mortgage-financed purchases of properties in the UK, stood at £272,000, up five per cent month-on-month.

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