UK Average Home Price Hit Record £ 270,027: ​​Index

According to the index, average UK home prices reached a record high of £ 270,027 in October.

Average real estate prices rose 0.9% in October, rising more than £ 2,500 during the month, according to Halifax.

Annual home inflation accelerated from 7.4% in September to 8.1%.

Halifax said it was the first time the average UK home price exceeded £ 270,000.

Halifax raises average home prices by about £ 20,000 higher than another index run by the National Building Association, and is conducting research using a variety of methods to track average prices.

Earlier this week, Nationwide said UK average home prices set a new record with an index of £ 250,311.

According to the Halifax index, Wales remains the strongest performer in the UK as a whole, with annual home inflation of 12.9%.

Russell Gary, Managing Director of Halifax, said:

“One of the main drivers of activity in the housing market over the last 18 months has been competition for space, and buyers are often looking for larger properties far from the city center.

“Coupled with temporary measures such as a reduction in stamp duty, this helped push average real estate prices up to a record high of £ 270,027.

“Since April 2020, the first full month of the blockade, the average real estate value has skyrocketed by £ 31,516 (13.2 percent).”

He said first-time buyers backed by parental deposits improved access to mortgages, and low borrowing costs also helped drive price increases in recent months.

“The Bank of England is expected to respond to rising inflation risk by raising interest rates soon next month, and as such increases are expected in the next 12 months, borrowing costs will rise, so in the coming months. Home purchase demand is expected to cool in.

“However, borrowing costs are still low by historical standards, and deposit procurement can continue to be a major obstacle for many. The impact on real estate prices is the supply of real estate available on the market. It may also be mitigated by continued limitations. “

Nathan Emerson, Chief Executive Officer of Propertymark, a group of real estate and rental agents, said:

“But we know that many residents of the UK still have a desire to move. It’s just a matter of when they choose to move.

“The housing market will soon begin its normal Christmas slowdown, but we expect Yopa to recover strongly in January,” said Mike Scott, chief analyst at real estate agent Yopa.

Karen Noe, a quilter mortgage expert at Wealth Management, said he expected inflation to begin to worsen and the Bank of England’s base interest rates could rise soon.The market because potential buyers are having a hard time finding low cost (mortgage) transactions

Jan Crosby, UK Head of Infrastructure, Architecture and Construction at KPMG, said:

“This is good news for sellers, and demand is insatiable as supply constraints to new homes continue.”