20 October 2021
UK average house prices increased by 10.6% over the year to August 2021, up from 8.5% in July, according to the latest Office for National Statistics (ONS) UK House Price Index.
The average UK house price was £264,000 in August 2021, £25,000 higher than the same time last year.
Average house prices increased over the year in England to £281,000 (9.8%), in Wales to £195,000 (12.5%), in Scotland to £181,000 (16.9%) and in Northern Ireland to £153,000 (9.0%).
London continued to be the region with the lowest annual growth (7.5%) for the ninth consecutive month.
Rob Barnard, director of intermediaries at Masthaven Bank, said: “The continued ‘race for space’ created by the pandemic has continued to drive up house prices, with the tapering of stamp duty relief over the past year hardly slowing momentum down.
“While booming levels of buyer activity are certainly encouraging, it is difficult to know if they will last. The end of the government support schemes, as well as expected tax hikes in the new year, could serve to weaken demand going forward.”