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Average UK House Prices Hit Record High

Home sales around the UK registered a fifth consecutive monthly rise in September, hitting a record high of £250,457 on average. Prices between August and October were four per cent higher than in the preceding quarter (May to July), while prices for October were 7.5 per cent higher than in the same month in 2019, the strongest growth seen since June 2016.

This is according to the latest Halifax House Price Index, with residential transactions in September 2020 reaching 98,010, a rise of 21.3 per cent on August. In addition, mortgage approvals climbed in September, reaching the highest level seen in 13 years.

Managing director of Halifax Russell Galley observed that the average house price in the UK has topped a quarter of a million pounds for the first time ever, although price growth month on month did slow considerably, down to 0.3 per cent from the 1.5 per cent seen in September.

“Overall, we saw a broad continuation of recent trends with the market still predominantly being driven by home-mover demand for larger houses.

“Since March flat prices are up by two per cent compared to a six per cent increase for a typical detached property. In cash terms that equates to a £2,883 increase for flats compared to a £27,371 rise for detached houses,” he went on to say.

Further analysis from the Office for National Statistics has also just revealed that house prices were up by 6.4 per cent in the south-west of England in the 12 months to the end of September, compared with an average UK rise of 4.7 per cent, with people keen to relocate to more rural parts of the country as a result of the pandemic.

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