Average house price tops £250k for the first time

House prices have hit record highs, with the average property price passing the quarter of a million pounds mark for the first time. Nationwide’s House Price Index shows that the typical house price is now £250,011. This comes after values rose by 0.7% in October, up from 0.2% in September. Year-on-year, prices were up 9.9%, with this down slightly on the 10% recorded in September. The analysis shows there were 72,645 mortgage applications in September. Nationwide notes that possible base rate hikes from the Bank of England are pushing up mortgage rates, saying this may dent the property market. Robert Gardner, Nationwide's chief economist, said demand for homes has remained strong, despite the stamp duty holiday coming to an end on September 30th. “However, a number of factors suggest the pace of activity may slow. Consumer confidence has weakened in recent months”, he warned. 

Daily Mail (03/11/2021)   The i (03/11/2021)   The Independent (03/11/2021)