The surge in house prices saw the average property in Britain reach a record high of £245,000 in October, as buyers race to complete transactions ahead of the stamp duty holiday on 31 March 2021.
Property prices rose by 5.4 per cent, or £13,000, in the year to October, up from a 4.3 per cent increase in the year to September, new figures from the Office for National Statistics show.
Separate figures published today by NAEA Propertymark said estate agents have seen buyers storm the market, with prospective purchaser numbers rising to the highest level since August 2004 this month.
Record high: The average cost of a home in Britain has now reached £245,000
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th December 2020 10:20 am
House prices jumped by 5.4 per cent to £245,443 in the year to October, reaching the highest annual growth rate in four years, according to the Office for National Statistics.
Month-on-month growth was 0.7 per cent, compared to a fall of 0.3 per cent between September and October last year.
Scotland saw the strongest growth of all the countries in the UK, with average prices up 6 per cent to £163,000.
In Wales prices increased by 5.8 per cent to £176,000, while in England they rose by 5.4 per cent to £262,000.
But within England, Yorkshire and the Humber, the North West and the East Midlands each posted sharp growth of 6.6 per cent.