Every home in the country has hit a record house price high in the same month for the first time since March 2007, says property portal Rightmove.
In a hangover from the stamp duty holiday bonanza that boosted home prices to record levels, buyers are still flooding the market looking for new properties.
According to the online sales site, sellers riding the boom are asking higher prices but not putting off buyers.
Agreed sales are up 15.2 per cent on average for this time of year, says the Rightmove report, while asking prices are up £5,983 in October compared to September.
- 1 Where are the UK’s most expensive and cheapest homes?
- 2 House price history for your neighbourhood
- 3 House price data comparison
- 4 House Price Digest FAQ
Rush to fix mortgage rates
Many buyers are concerned that mortgage interest rates may rise soon and are rushing to lock in a fixed rate deal on a new property. However, Bank of England chief Andrew Bailey has already hinted rate rises to correct spiralling inflation may be on the way.
Tim Bannister, Rightmove’s Director of Property Data, said: “Competition for property for sale remains hot this autumn, with average prices jumping by almost £6,000 in the month. Although more properties are coming to market, the level is still not enough to replenish the stock that’s snapped up.
“Consequently, new price records have been set across the board, with every region of Great Britain and all of the three market sectors of first-time buyer, second-stepper and top of the ladder hitting all-time highs.
“This full house is a rare event, happening for the first time since March 2007. The stock shortages started after the first lockdown and look set to continue with the underlying housing market fundamentals remaining strong and an additional incentive to buy and fix your mortgage interest rate before a widely expected rate rise.”
Where are the UK’s most expensive and cheapest homes?
House prices may rise across all areas of the UK, but new data from the Office for National Statistics shows the cash is more thinly spread in some towns with a mining or industrial past.
The former mining village of Ferryhill, County Durham, has the lowest house prices – the median is just £39,000.
For the most expensive, head south to Northwood, the comfortable suburb on the London border with Hertfordshire. Here, the average house price is £1,000,050. The differential is not a one-off. Northwood has had the highest median price each year since 2009.
In comparison, the median price for England and Wales at the same time as these readings in December 2020 was £250,000. It’s since climbed to £265,000 in June and floated back down again to £256,000 in September.
The ONS research looked at house prices in 1,200 towns across the country.
Top 10 town’s with the highest average property values
Note: BUA stands for a built-up area with a population between 5,000 and 225,000
Bottom 10 town’s with the lowest average property values
House price history for your neighbourhood
Use this interactive map to assess how your property investments have performed over time. Input the town name, and the map does the rest.
Source: ONS and Land Registry
House price data comparison
These are the latest figures in per cent from the leading five house price indices:
|Key: A = Annual M = Monthly|
House Price Digest FAQ
The figures for average house prices and movements in property values can be confusing if you don’t know how to read the data.
Here are some of the most asked questions about house price indices.
Why are the average property prices different in each report?
The reports use different data to draw their conclusions and take the data from different periods.
The Nationwide and Halifax base their indices on customer data, which are much smaller samples than the national data analysed by the ONS.
Acadata’s methodology includes analysis that no other index uses.
Each organisation collects data over different periods, making a direct comparison difficult.
What is the average house price?
There’s no such thing as an average home. The figure is simply math calculated from the total value of all transactions in the sample divided by the number of homes changing hands.
Which house price index is the best?
All have flaws because of the restricted data, but the one with the broadest sample comes from the ONS. Unfortunately, the ONS data is usually the last to market and out of date by two to three months on publication.
We have more investing in property information for England and Wales.
See more articles from the statistics category here.