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Average UK house price rises by £25,000 in a year
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The average cost of a UK home increased by £25,000 in the 12 months to August, official figures show, with rises recorded in all regions.
The annual rate of price inflation hit 10.6% during the month, up from 8.5% in July, the Office for National Statistics said, bringing the average price to £264,000.
The rebound in the property market since the Covid restrictions were eased in spring 2020 has been fuelled by a “race for space” among buyers and stamp duty holidays across the UK.
The tax break in England, which was the most generous initially and fully phased out only at the end of September, helped drive up prices by 9.8% in the year to August, to an average of £281,000.
The growth rates were higher in Wales and Scotland, but average prices
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