The average price of a UK home rose by £25,000 in the 12 months to August with increases recorded in all regions, official figures show.
The annual rate of price inflation got to 10.6% during the month, up from a July figure of 8.5%, said the Office for National Statistics, bringing the average house price to £264,000, with prices in London rising to £526,000.
The boom in the property market since the easing of Covid-19 restrictions in spring 2020 has been encouraged by a “race for space” among buyers and also stamp duty holidays throughout the UK.
The stamp duty holiday in England, which was the most generous initially and was only fully phased out at the end of September, helped to drive prices up by 9.8% in the year to August, to an average of £281,000.
Growth rates were higher in Wales and Scotland, however the average prices stayed lower, at £195,000 and £181,000 respectively. In Northern Ireland the average price increased 9% year-on-year at £153,000.
The figures from the Office for National Statistics show prices in London reached a new high of £526,000 despite the capital city having the lowest level of growth of all regions for the ninth month consecutively.
Although the stamp duty holiday has come to an end, experts suggest that prices will not fall as demand for homes is still higher than supply.
Preston Baker can value your home and help you with any mortgage questions. Contact us now on 0800 084 1220.
How much is your home worth? Find out now. Book a valuation
