The South West saw the highest annual house price growth, with average prices increasing by 6.4%, while the lowest annual growth was in the North East, where average prices increased by 3.3%
UK average house prices increased by 4.7% over the year to September, up from 3.0% in August to stand at a record high of £245,000, according to the latest UK House Price Index from the ONS and the Land Registry.
Average house prices increased over the year by 4.9% in England, 3.8% in Wales, 4.3% in Scotland, and 2.4% in Northern Ireland.
The South West was the English region with the highest annual house price growth, with average prices increasing by 6.4% to £275,000 in the year to September, up from 3.2% in August.
The lowest annual growth was in the North East, where average prices increased by 3.3% over the year to September 2020.
London’s average house prices hit a record high of £496,000.
On a non-seasonally adjusted basis, average house prices in the UK increased by 1.7% between August and September 2020, compared with an increase of 0.1% in the same period a year ago.
On a seasonally adjusted basis, average prices increased by 1.8% over the month, following an increase of 1.1% in the previous month.
Paul Stockwell, chief commercial officer at Gatehouse Bank, commented: As predicted, house price growth has intensified in September fuelled by pent-up demand coupled with significant cost-savings to buyers presented by the stamp duty holiday. I expect this trend will continue in the short term as buyers feel the urgency to secure property deals and allow time for completion before the tax break ends.
Anna Clare Harper, CEO of asset manager SPI Capital, added: For many, September feels like the distant past, but this index remains interesting and useful, since it represents a more complete picture than comparable releases. A 4.7% increase in house prices, with mortgage approvals at their highest level since 2007, suggests a ‘mini boom’. Many feel this will be short lived, given economic circumstances and forecasts.