The average price of a home was £202,859 in September, the data shows.
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“Without an increase in supply it’s likely to mean that house price growth continues to be robust in the short-term, even if interest rates eventually begin to increase”.
On a yearly basis, prices rose 8.6 per cent on September previous year, down from nine per cent in August – suggesting the much-anticipated post-summer bounceback has yet to take place.
Craig McKinlay, mortgage director at the bank, said that the factors behind the upward pressure on house prices include the continued lack of second-hand properties for sale on the market and the availability of low mortgage rates.
“There is little reason to expect any fundamental shift in the key market drivers over the coming months”. Detached homes with growth of 21% and bungalows at 28% have recorded the smallest rises over the last decade.
But, the volume of mortgage approvals increased for the third consecutive month in August to the highest level since January 2014, the findings reveal.
Although house indices might differ when it comes to specific growth rates, economists agree across the market that house prices are expected to continue to surge, with the consensus being a 5% rise in 2016.
The cost of flats is rising the quickest, Halifax said.
House prices slid 0.9 percent month-on-month in September, reversing August’s 2.7 percent increase, which was the biggest monthly growth in 15 months.
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Nationwide’s recent findings note the gap between London property prices and the rest of the country.
