The UK average house price has increased by 11.8% over the year to September 2021, up from 10.2% in August, the Office for National Statistics (ONS) has reported.
In September 2021, the average UK house price reached a record high of £270,000, £28,000 higher than last year’s same month.
House prices have risen over the year throughout the UK, increasing to £288,000 (11.5%) in England, £196,000 (15.4%) in Wales, £180,000 (12.3%) in Scotland and £159,000 (10.7%) in Northern Ireland.
For the 10th consecutive month, London continues to see the lowest regional annual growth at 2.8%.
Kevin Roberts, Director at Legal & General Mortgage Club, said:
“A rush to beat the Stamp Duty holiday deadline has clearly kept the housing market busy, with low mortgage rates and a desire amongst buyers for homes with more space driving considerable demand.
“The tapering of the tax break has also encouraged international buyers, in particular, to press ahead with their plans to purchase property. In fact, our data shows that demand for lenders that would consider applicants with a visa remained high in September.
“We should celebrate the resilience of the mortgage market, but it’s equally important that we’re mindful of those with challenging financial circumstances, especially with a rate rise looking increasingly likely.
“Homeowners looking to protect themselves against such a rise should seek the guidance of a mortgage adviser. These experts can help them to navigate the market and lock into one of the great fixed-rate deals that are still on offer.”
Our advisers at Cornerstone Finance have expert knowledge of the property market, meaning we can find you the best rates available. Whether you’re buying your first home or climbing the property ladder, they’ll help you navigate the whole process.
For more information on buying a new home, get in touch with the team on 02921 660 550 or at firstname.lastname@example.org.