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Average UK house price hits record high of £270,000

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The average house price has hit a record high of £270,000 after surging by £28,000 over the past year, according to the Office for National Statistics (Yui Mok/PA) (PA Archive)
The average house price has hit a record high of £270,000 after surging by £28,000 over the past year, according to the Office for National Statistics (Yui Mok/PA) (PA Archive)

The average house price has hit a record high of £270,000 after surging by £28,000 over the past year, official figures show.

Across the UK, property values increased by 11.8% over the year to September, accelerating from 10.2% annual growth in August, the Office for National Statistics (ONS) said.

The average house price in Wales increased by 15.4% over the year to September, hitting a record £196,000.

In England, the average house price increased by 11.5% over the year to September, also pushing the average property value there to a record high of £288,000.

The average house price in Scotland increased by 12.3% over the year to September to reach £180,000.

(PA Graphics) (PA Graphics)
(PA Graphics) (PA Graphics)

In Northern Ireland the typical property value increased by 10.7% annually, reaching £159,000.

In England, the North West was the region with the highest annual house price growth, with average prices increasing by 16.8%.

London was the region with the lowest annual growth (2.8%) for the 10th month in a row.

This represented the lowest annual growth in London since July 2020.

London’s average house prices remained the most expensive of any region in the UK at an average of £507,000 in September.

Nick Leeming, chairman at Jackson-Stops, said: “Today’s figures continue to show a market still very much defined by the unbalanced relationship between low stock and high demand amongst buyers across the country.

“A busy market will favour those buyers armed with deep pockets or at the very least a mortgage in principle agreed.”

Director of Benham and Reeves, Marc von Grundherr, said: “This phenomenal rate of growth is likely to slow over the coming months, not only in the wake of the stamp duty holiday but as the usual festive lethargy starts to build and many homebuyers and sellers now look beyond the Christmas period with a view to moving.”

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