UK house prices have hit a record high as the average property tops £270,000.
Annual house price inflation has reached 8.1 per cent, from 7.4 per cent, according to Halifax’s house price index.
London has remained the weakest performing area of the UK by quite a stretch. Annual inflation was 0.8 per cent, compared to an increase of 1 per cent in September. This marks the lowest year-on-year rise in prices since February 2020.
However, prices of London homes are well above all other areas of the country. The average price is £514,907.
The value of the average property grew by 0.9 per cent in October, a hike of more than £2,500.
Russell Galley, Halifax’s managing director, said: “One of the key drivers of activity in the housing market over the past 18 months has been the race for space, with buyers seeking larger properties, often further from urban centres.
“Combined with temporary measures such as the cut to Stamp Duty, this has helped push the average property price up to an all-time high of £270,027.”
The value of the average home has shot up by £31,516, around 13 per cent, since April 2020, the first full month of lockdown.
Jason Tebb, chief executive officer of property search website OnTheMarket.com, said: “With serious movers now focussed on their new year move, this latest rise in house prices to new record levels very much reflects what we’re seeing across the UK as a consequence of low stock levels.
“Buyers continue to compete for the better properties which in many cases is leading to multiple offers above asking price and, in some cases, we’ve seen that gazumping has made a return.”