ONS: house prices rise at fastest rate in 17 years

Average house price reached £266,000 in June 2021

The average price of a house in the UK is up by 13.2% for the year to June 2021.

It is the highest level of yearly growth seen in the UK since November 2004 according to the Office for National Statistics (ONS) House Price Index.

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House prices are £31,000 higher than this point last year, reaching a record high level of £266,000 in June 2021.

London remains the region with the lowest yearly growth, at 6.3%, for the seventh month in a row.

However, the capital remains the most expensive of any region across the country with an average price of £510,000 recorded in June.

Hugh Gibbs, co-founder of SearchLand, said: “House prices always consume a lot of attention in the UK, and that is particularly true right now, with homebuyers, investors and developers eagerly waiting to see the impact of the first stamp duty holiday deadline.”

“Clearly, the ONS data shows us that even in the build-up to the deadline on 30 June, house price growth continued its rapid march upwards – although this is a trend that is unlikely to have continued into July and August.”

The statistics suggest that the stamp duty holiday has more than achieved its aim.

“It has incentivised a huge amount of transactional activity and fuelled growth across the property sector. And, while the remarkable surge in property values over the past 14 months will eventually come to an end, the predictions of a sudden market crash this summer have certainly not come to fruition,” said Gibbs.

“Make no mistake, the market remains highly competitive even as the stamp duty holiday tapers down, with desirable properties and land still attracting a great deal of attention from prospective buyers. Do not expect this to change any time soon.”

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