The Office for National Statistics (ONS) has reported that average house prices in February 2021 were up 8.6% over the year to February 2021, up from 8.0% in January 2021.
This is the highest annual growth rate the UK has seen since October 2014.
The average house price remained around £250,000 – at £250,341.
Unsurprisingly, the highest prices are in London, where the average house prices rose to £496,000; however, the annual price rise is lowest in the capital at 4.6%.
The North West was the English region to see the highest annual growth in average house prices (11.9%).
Prices in the North East remained the lowest in the UK, at an average of £138,000.
Tomer Aboody, director of property lender MT Finance, said: “As we have seen over the past year, demand has outweighed supply which will always lead to high pricing. With the North West seeing the biggest growth in values, this isn’t surprising due to the lower price point to get on the ladder, and a percentage change will always be higher at a lower price. This does show though that people want more space and have used the extreme and constant stimulus from the government as a tool and push to buy.
“If one is looking to move, then surely when money is at its cheapest, stamp duty is halted up to £500,000 and higher loan-to-value mortgages are available, now is the time to do it.
“With the high speed railway project in full flow, this has also increased the popularity of these ‘secondary’ cities.
“With the government-backed 95% mortgages launching, the housing market will continue to be strong for a good few months to come.”