House prices in England and Wales grew 3.4 per cent on an annual basis this September, says e.surv.

The chartered surveyor firm’s latest market report adds that a monthly rise of 0.7 per cent brings the latest average house price to £311,624.

The biggest annual rise took place in Greater London, racking up a yearly gain of 7.6 per cent, taking the average house price to £666,117.

The smallest annual gain was in the North East, with a rise of 0.2 per cent, making for an average house price in the region of £165,068.

Outside of London, the region showing the largest annual growth, at 4.7 per cent, was in Wales. Here, the average house price is £197,640.

Looking at monthly rises, Greater London came out on top again, showing a 2.6 per cent increase. Properties within Yorkshire and the Humber, meanwhile, rose just 0.2 per cent on a monthly basis, marking the region out as making the slimmest gain in September.

e.surv director Richard Sexton says: “Three months since it was announced in July, we are seeing the full effects of the Stamp Duty holiday.

“An additional factor driving growth has been the growing popularity of larger properties, as many in the UK come to terms with the prospect that they may continue working from home for a much longer period than was first expected.

“Despite the healthy appearance of the market, there is some cause for concern around access to housing for first-time buyers… the Prime Minister’s recent conference commitment to increase the supply of 95 per cent mortgages to ‘generation rent’ is an interesting proposition but requires more detail before any meaningful analysis of likely impacts can be undertaken.”