ANDOVER house prices increased throughout September, whilst prices of houses across the South East decreased.

The rise of house prices contributes to the longer-term trend, which has seen property prices in the area grow by 15.9 per cent over the last year.

Houses in Andover increased by 1.3 per cent in September with the average price of a house costing £419,625 according to Land Registry figures.

Over the last year, the average sale price of property in Test Valley rose by £57,000 – putting the area sixth among the South East’s 64 local authorities with price data for annual growth.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."

“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.

First-time buyers in Andover spent an average of £329,000 on their property – £45,000 more than a year ago, and £69,000 more than in September 2017.

By comparison, former owner-occupiers paid £481,000 on average in September – 46.4% more than first-time buyers.

Owners of semi-detached houses saw the biggest rise in property prices in September – they increased 1.5 per cent, to £402,183 on average.