The Office for National Statistics (ONS) has reported that average house prices in the UK during October 2021 increased by 10.2% in the year to October 2021, down from 12.3% in the year to September 2021.
The average UK house price was £268,000 in October 2021, which is £24,000 higher than this time last year.
Average house prices increased over the year in England to £285,000 (9.8%), in Wales to £203,000 (15.5%), in Scotland to £181,000 (11.3%) and in Northern Ireland to £159,000 (10.7%).
London is the region with the lowest annual growth at 6.2%.
Kevin Roberts, director at Legal & General Mortgage Club, said: “Despite the end of the Stamp Duty holiday, the market seems to show little sign of cooling down. A strong labour market, as well as the prospect of locking into record low mortgage rates, have combined to keep housing activity particularly buoyant. As the Bank of England seeks to keep a lid on resurgent inflation, borrowers may well be tempted to get a foothold on the property ladder before any rate rise comes into effect.
“Whether the current level of house price growth will extend into the new year, is an uncertain matter. Although the labour market remains secure following the end of government support, inflationary pressures, exacerbated by the emergence of the new Omicron variant, may place household budgets under significant strain. Against this ever-changing backdrop, the value of advice remains paramount. Independent and experienced advisers are well-placed to help borrowers navigate a potential knock to their finances, and help customers lock into a deal that is well aligned with their unique needs.”
