The average home is now worth around £25,000 more than it was last year as UK house prices have surged.
This month’s house price index marked a momentous occasion for the market. UK house prices have risen in every region and in all market sectors (such as first-time buyers and home-movers), in what the property portal has labelled a “full house”. This is the first time this has happened since pre-financial crisis in March 2007.
The results also show the biggest monthly property price rise since October 2015. The average home coming to market was priced at 1.8% (+£5,983) higher in October than in September. The average asking price this month, was £344,445, and this is also 6.5% higher than this time last year.
Sales numbers were up 15.2% in September when compared to what is described as a “normal market” in 2019 before the pandemic. There were also more new properties coming to market in September compared to the summer months.