House prices climb 5.4%

Data from the Office for National Statistics shows that property prices rose by 5.4% year-on-year in October, up from a 4.3% increase recorded in September. The increase, which was driven by a surge in buyers looking to complete deals before the stamp duty holiday comes to an end on March 31, pushed prices to a record average of £245,000. Scotland led the way on price rises, with the average climbing 6% to £163,000. Prices in England, Wales and Northern Ireland grew 5.4%, 5.8% and 2.4% respectively. London house prices remained the most pricey with an average property costing £491,000. Meanwhile, the Northeast had the lowest average house price at £136,000.

Financial Times (16/12/2020)   Daily Mail (16/12/2020)   The Guardian (16/12/2020)