The average price of a residential property in the UK rose by 1.7% in September to sit at £244,513, up 4.7% year-on-year
The industry has welcomed the data from the Office for National Statistics (ONS), which shows that the average price of a residential property in the UK increased by 1.7% in September to reach an average of £244,513, up 4.7% year-on-year.
Average house prices increased over the year in England to £262,000, which is up 4.9% on last year thanks in part to the current stamp duty holiday.
Wales saw average prices increase 3.8% to £171,000, in Scotland they now stand at £162,000, up 4.3% compared with last year, while in Northern Ireland the average price of a home is £143,000, up 2.4% year-on-year.
Nick Leeming, chairman of Jackson-Stops, commented: House price growth this month is almost double what it was in September last year, as we start to see the true impact of the stamp duty holiday take hold.
Despite the incentive being introduced in July, housing transactions take weeks to progress from offer to completion, therefore this is the first month we can begin to assess the benefits of Sunak’s stimulus. The annual uplift in house prices of nearly 5% suggests that sellers may well be adding the savings buyers are making into the price of their homes, so that they also benefit from the incentive, he said.
While all regions of the UK reported price growth in September, the South West and the North West led the charge – each experiencing price growth of more than 6%.
Director of Benham and Reeves, Marc von Grundherr, commented: The property market continues to fire on all cylinders with positive movement across the board in all but one region on a monthly basis and a clean sweep where annual price appreciation is concerned. While the current stamp duty holiday has caused huge backlogs of sales waiting to complete, there’s no doubt that it has contributed a considerable level of fuel to the furnace.
He said, despite these backlogs, the fires of market activity should continue to burn bright and this will help carry the market through the traditionally quieter winter period.
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