A dash for detached homes and the hunt for more space in lockdown helped send the average house price in the UK up £20,000 in 2020, official figures revealed.
House prices increased by 8.5 per cent in 2020, reaching a record high of £252,000, aided by lockdown buyers looking for bigger homes and the stamp duty holiday launched in July.
The annual level of growth was the highest Britain has seen since October 2014, according to new data published by the Office for National Statistics, but the market is now predicted to cool off unless an extension to the stamp duty holiday due to end next month is announced.
Average house prices in the UK rose 8.5 per cent in the year to December 2020, the highest annual rate since October 2014. The ONS House Price Index figures out today show average UK house prices reached a record high of £252,000 in December. A month earlier, in November 2020, prices had risen by 7.1 per cent
A dash for detached homes and the hunt for more space in lockdown helped send the average house price in the UK up £20,000 in 2020, official figures revealed.
House prices increased by 8.5 per cent in 2020, reaching a record high of £252,000, aided by lockdown buyers looking for bigger homes and the stamp duty holiday launched in July.
The annual level of growth was the highest Britain has seen since October 2014, according to new data published by the Office for National Statistics, but the market is now predicted to cool off unless an extension to the stamp duty holiday due to end next month is announced.
House prices rose 8 5% in 2020 amid pent-up demand bbc.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bbc.co.uk Daily Mail and Mail on Sunday newspapers.