While house prices seem to be holding on in a growth pattern, there are signs that there is still some uncertainty. Some areas may see less growth than previously expected while others could be in a catch-up mode and soar upward. In a report from Hometrack it appears that house prices may have reached their peak in 20 major UK cities.

There was a slower rate of growth from July to September than in the previous three months. However, that could change as homebuyers seek to purchase a home before interest rates begin to rise, which could happen in the early half of next year. The fact that inclement weather and holidays will lower the number of business days on which to complete a mortgage by the end of the year will mean the process will take longer to complete. That could in itself push homebuyers to move quickly. If so, it will push the data to show an increasing house price growth for the end of the year.

The lengthier process is also true for homeowners seeking new remortgages. Currently the deals available are very attractive with some lenders offering their lowest interest rate in their lending history. Such an incentive with warnings of rising rates in 2016 is also expected to push up demand for remortgage lending.

Hometrack’s director of research, Richard Donnell said, “It is important not to read too much into one month's headline results but there are signs that the pace of city level house price growth is likely to continue slowing.

“There has been a surge of demand since the election in May but weaker mortgage approvals and evidence from survey data suggests less frenetic demand in the final quarter of the year.”