< Back to blog

UK average house prices increase to record highs Posted On 20 November 2020

Average house price increases by 4.7% over the year to September

 

According to the latest UK House Price Index from the ONS and the Land Registry, average UK house prices rose by 4.7%, up from 3.0% in August to a record high of £245,000.

 

This comes before a second boost to the property market from lockdown 2.0 which has increased property demand similar to the boost the market received when restrictions were removed at the end of the first lockdown, and with the Stamp Duty Holiday still running, more people than ever are looking to move which has helped push up the average UK house price.

 

Overall, average house prices increased over the year by 4.9% in England, 3.8% in Wales, 4.3% in Scotland, and 2.4% in Northern Ireland. The South West was the English region with the highest annual house price growth, with average prices increasing by 6.4% to £275,000 in the year to September, up from 3.2% in August. While London’s average house prices hit a record high of £496,000.

 

On a non-seasonally adjusted basis, the average house price in the UK increased by 1.7% between August and September 2020, compared with an increase of just 0.1% in the same period a year ago.

 

Paul Stockwell, chief commercial officer at Gatehouse Bank, commented: “As predicted, house price growth has intensified in September fuelled by pent-up demand coupled with significant cost-savings to buyers presented by the stamp duty holiday. I expect this trend will continue in the short term as buyers feel the urgency to secure property deals and allow time for completion before the tax break ends.

 

“What began as a disastrous year for the property industry has been turned on its head by government interventions, creating a surge of demand predominantly in England and Northern Ireland where the stamp duty reduction is greatest. This in itself has presented new challenges to the industry with property portal Zoopla estimating 418,000 sales in the pipeline nationally, 50 per cent more than the typical number for this time of year.

 

“Bank of England data has already indicated that mortgage approvals in September represented the highest levels of agreed borrowing since before the Global Financial Crisis more than a decade ago. But as pressure on the property industry resources grows, it will be interesting to see if the Government concedes to requests from the industry to extend the stamp duty holiday and alleviate the expected congestion in the new year.”

 

Contact us today, to discuss a FREE valuation and the Stamp Duty Holiday…

 

< Back to blog

Connect with us

Recent Posts

Housing demand hits record high.

NAEA records highest ever number of buyers in October The UK saw the highest ever recorded number of prospective buyers for the month of October, according to the latest figures from NAEA Propertymark. The average number of househunters per estate agent branch had fallen from 525 to 451 in the month of September, which is …

Read more...

UK house prices soar

Prices of properties in the UK are rising at their fastest rate for six-years   In more good news for the property market, according to Britain’s biggest building society, Nationwide, UK house prices have risen at the fastest rate in almost six years. The average house price rose 0.9% to £229,721 in November and October, …

Read more...

Snooker UK Championship kicks off …

The UK Snooker Championship will see big-hitters Ronnie O’Sullivan and Mark Selby battling it out to take Ding Junhui’s crown…   One of snooker’s most prestigious Triple Crown events, the UK Championship, started last week. It is the second-biggest ranking tournament after the World Championship. First held in 1977 in Blackpool, this year’s competition will …

Read more...

Treat your Tree this Christmas

As the winter season approaches, attention will soon turn to adorning the house during the busy Christmas period.   And there is no bigger opportunity to nail decoration than ensuring that the Christmas tree radiates splendour throughout the home. So here are some tips on how to make everybody envious of your tree, this year. …

Read more...

Take our festive brain teaser

The Christmas countdown has begun… but just how much do you know about the festive season? Here are 15 questions to test your knowledge, so no Googling and don’t ask Alexa. It’s time to get serious…   1 Which carol features the line: “God and sinners reconciled”? 2 Who played Buddy in that festive classic, …

Read more...