The average UK house price sky rocketed to a record high in September after jumping by 4.7% this year, according to the office for National Statistics (ONS).
Outside of London the average price hit £245, 000 while in the capital prices rose to £496,000.
Over the last year, average house prices increased to £262,000 in England (4.9 % increase), £171,000 in Wales (3.8%), £162,000 in Scotland (4.3%) and £143,000 in Northern Ireland (2.4%).
The jump in prices could be down to a number of reasons including changes in housing preferences during the pandemic, a response to property tax changes and pent-up demand.
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In England, the following changes to house prices by region have happened:
- South West 6.4%
- North West 6%
- Yorkshire and The Humber 5.4%
- East Midlands 5%
- East 4.8%
- London 4.1%
- South East 4%
- West Midlands 4%
- North East 3.3%
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Miles Robinson, from online mortgage broker Trussle, said: “During this time, the market began to see a huge increase in transactions as buyers rushed to take advantage of the stamp duty holiday, with many purchases needing to start by October in order to have a realistic chance of completing in time."
However, the expert didn’t expect the surge in prices to last for so long, reports The Mirror.
He noted: “As we draw closer to the stamp duty deadline and Christmas, which is typically a quieter time of year for the market, it’s likely demand will begin to slow.
"We’ve seen the first signs of this with reports indicating the first fall in house prices in four months."
The stamp duty holiday is not the only thing to have had an effect on house buying though.
Lucy Pendleton, from estate agents James Pendleton, said: "We’re seeing some price reductions among those who were a bit late to the party and thought prices would continue to climb rapidly, but these homes are still attracting very healthy valuations compared with a year ago.
"Poor weather has had the most marked impact recently.
"Buyers are not as quick to make a commitment when the rain is coming down, even though they know time is against them if they are to capitalise on the stamp duty holiday ending in March.”
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