SW house prices rise £25,700 in a year

THE average house price in the South West was £25,690 higher in August than a year earlier, according to official figures.

Property values increased by 8.9% over the year to August 2021, up from 4.2% in July, the Office for National Statistics (ONS) said.

The figures mirrored those released by ONS last week which also pinpointed the average year-on-year UK house prices as £25,000 higher than that in August 2020.

It added: “The average UK house price was £264,000 in August 2021, which is £25,000 higher than this time last year.”

The average house price in Scotland surged by 16.9% to a record high of £181,000.

Average house prices increased over the year in England to £281,000 (a 9.8% annual increase), in Wales to £195,000 (12.5%) and in Northern Ireland to £153,000 (9.0%).

In England, for the ninth month in a row, London was the region with the lowest annual house price growth (7.5%) – although prices there still hit a new record high in August.

The North East had the highest annual house price growth in England, with average prices increasing by 13.3%.

London’s average house price remained the highest of any region in the UK at an average of £526,000 – the highest on record, the ONS said.

The North East continued to have the lowest average house price, at £149,000.

A stamp duty holiday in England and Northern Ireland was tapered from July, before ending completely from October.

ONS head of economic statistics Sam Beckett said: “Annual house price growth rebounded in August from the dip seen last month following changes to the stamp duty holiday.”

She added: “Scotland saw the highest growth in house prices and although London’s growth was once again the weakest, it has picked up significantly from last month’s trough.”

In England, the average price for a detached property is now £438,195 compared to a semidetached property at £267,585 and a terraced property at 227,510.