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Average UK House Price

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Sell My House Quickly found another interesting article about properties in Ealing. Average UK house price hits record £270,027.

The average UK house price hit a record high of £270,027 in October, according to an index.

The average property value grew by 0.9% in October – showing an increase of more than £2,500 during the month, Halifax said.

Average UK House Price

Annual house price inflation accelerated to 8.1%, from 7.4% in September.

Halifax said it is the first time the average UK house price has topped £270,000.

Halifax put average house prices at around £20,000 higher than a separate index run by Nationwide Building Society, with studies using different methods to track average prices.

Earlier this week, Nationwide said the average UK house price had hit a new record for its index of £250,311.

Wales remains the strongest performer across the UK, with annual house price inflation of 12.9%, according to Halifax’s index.

Russell Galley, managing director of Halifax said: “With prices rising for a fourth straight month, the annual rate of inflation now sits at 8.1%, its highest level since June.

“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.

“Since April 2020, the first full month of lockdown, the value of the average property has soared by £31,516 (13.2%).”

He said that first-time buyers, supported by parental deposits, have improved mortgage access and low borrowing costs have also helped to drive price growth in recent months.

Mr Galley said: “First-time buyer annual house price inflation (9.2%) is now at a five-month high, and has pushed ahead of the equivalent measure for home movers (8.1%)

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