The average price of a home in the UK continues to rise, with the latest figures from the Office for National Statistics showing an increase in the year leading up to March of 10.2 per cent.
With the average price of a home now at a record high of £256,000, the ONS said that the figures for March showed the highest annual growth since August 2007. In the twelve months between March 2020 and March 2021, the average house price went up £24,000.
Much of the industry commentary on the figures centred on the resilience of the housing market, which largely froze a year ago with the coronavirus pandemic.
House price rises were not uniform across the country. While the average prices were still highest in London, it was in the north-east, in Yorkshire and the Humber, that the fastest-rising values were seen. Homes in those areas saw a 14 per cent increase between March 2020 and March 2021.