The latest figures from the Land Registry indicate that house prices have risen by 5.4 per cent year-on-year to reach record levels, with the stamp duty holiday deadline looming.
The figures represent the highest yearly growth since autumn 2016, with the average price according to the Land Registry now sitting at £245,000.
Figures in England increased by 5.4 per cent to £262,000 on average, while prices rose by 2.4 per cent in Northern Ireland, 5.8 per cent in Wales and 6 per cent in Scotland.
All four nations of the UK reached record high average house prices in October 2020, with experts stating that the housing market had not only recovered from the impact of the coronavirus pandemic felt in spring 2020 but thanks to the stamp duty holiday and pent-up demand, has surged to record levels.
While the Land Registry figures tend to be slightly behind the updated figures from leading banks and lenders, they represent the full picture of the property market, combining figures and presenting the most accurate analysis of the market.
Due to the length of time that it takes for property transactions to be completed, in tandem with the length of time taken to compile accurate data, figures are only just beginning to reveal the extent of the property market recovery and the impact of the stamp duty holiday.
The total number of property transactions has been increasing month-on-month, with the latest data showing a 1.1 per cent increase on total property purchases year-on-year, with buyers keen to take advantage of the significant savings through the stamp duty holiday.
For help and advice on matters relating to residential property, contact Gunduz Misiri at Mackrell.Solicitors today.
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