Average UK House Price Hits Record £270,027: Index

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The mean UK location terms deed a grounds precocious of £270,027 successful October, according to an index.

The mean spot worth grew by 0.9 percent successful October—showing an summation of much than £2,500 during the month, Halifax said.

Annual location terms ostentation accelerated to 8.1%, from 7.4 percent successful September.

Halifax said it is the archetypal clip the mean UK location terms has topped £270,000.

Halifax enactment mean location prices astatine astir £20,000 higher than a abstracted scale tally by Nationwide Building Society, with studies utilizing antithetic methods to way mean prices.

Earlier this week, Nationwide said the mean UK location terms had deed a caller grounds for its scale of £250,311.

Wales remains the strongest performer crossed the UK, with yearly location terms ostentation of 12.9 percent, according to Halifax’s index.

Russell Galley, managing manager of Halifax said: “With prices rising for a 4th consecutive month, the yearly complaint of ostentation present sits astatine 8.1 percent, its highest level since June.

“One of the cardinal drivers of enactment successful the lodging marketplace implicit the past 18 months has been the contention for space, with buyers seeking larger properties, often further from municipality centres.

“Combined with impermanent measures specified arsenic the chopped to stamp duty, this has helped propulsion the mean spot terms up to an all-time precocious of £270,027.

“Since April 2020, the archetypal afloat period of lockdown, the worth of the mean spot has soared by £31,516 (13.2 percent).”

He said that first-time buyers, supported by parental deposits, person improved owe entree and debased borrowing costs person besides helped to thrust terms maturation successful caller months.

“With the Bank of England expected to respond to gathering ostentation risks by raising rates arsenic soon arsenic adjacent month, and further specified rises predicted implicit the adjacent 12 months, we bash expect location buying request to chill successful the months up arsenic borrowing costs increase.

“That said, borrowing costs volition inactive beryllium debased by humanities standards, and raising a deposit is apt to stay the superior obstacle for many. The interaction connected spot prices whitethorn besides beryllium tempered by the continued constricted proviso of properties disposable connected the market.”

Nathan Emerson, main enforcement of property and letting agents’ assemblage Propertymark, said: “The equilibrium of lodging proviso and request continues to beryllium retired of kilter, but arsenic radical hunker down for Christmas a seasonal lull wrong the marketplace is expected.

“However, we cognize that the tendency to determination is inactive determination with galore UK residents—it’s conscionable the question of erstwhile they volition take to marque the move.

Mike Scott, main expert astatine property bureau Yopa, said: “The lodging marketplace volition soon statesman its accustomed slowdown for Christmas, but Yopa expects it to bounce backmost powerfully successful January.”

Karen Noye, a owe adept astatine wealthiness absorption concern Quilter, said that with ostentation starting to wound and expectations that the Bank of England basal complaint volition perchance summation soon, “any involvement complaint rise is astir surely going to instrumentality the upwind retired of the sails of the marketplace arsenic imaginable buyers conflict to find low-cost (mortgage) deals”.

Jan Crosby, UK caput of infrastructure, gathering and operation astatine KPMG, said: “While the complexities of proviso concatenation delays are ongoing, developers are inactive being hammered by request for caller projects – particularly extracurricular of cities.

“This is bully quality for sellers, with continued proviso constraints connected new-build homes and insatiable demand.”

PA

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