House prices leap £32,000 in a year

House prices in and around Bath are more than £30,000 higher on average than a year ago.

The cost of buying a property has soared across the UK in the past 12 months due to the impact of the coronavirus pandemic and stamp duty cuts leading to higher asking prices.

In Bath and North East Somerset, the average home cost £378,725 in June this year, 9.4 per cent more than the cost of £346,200 in June a year ago, according to the new figures from the Office for National Statistics (ONS).

In the past year, homes in the area have had an extra £32,525 added to the price.

Nationally, average house prices increased by 13.2 per cent over the year to June 2021, the highest annual growth rate the UK has seen since November 2004.

That meant UK average house prices reached a record high of £266,000, up by £31,000 compared to this time last year.

Average house prices increased by 13.3 per cent over the year in England to £284,000, by 16.7 per cent in Wales to £195,000, by 12 per cent in Scotland to £174,000, while Northern Ireland saw a nine per cent increase to £153,000.

House price growth was strongest in the North West, where prices increased by 18.6 per cent in the year to June, while the lowest annual growth was in London, where prices increased by 6.3 per cent.

The most recent year covers the full extent of stamp duty cuts put in place across Britain following the first lockdown. The ONS suggests the change in tax may have allowed sellers to request higher prices as the buyers’ overall costs are reduced.

On July 8, 2020, Chancellor of the Exchequer Rishi Sunak announced a suspension of the tax paid on property purchases with immediate effect in England and Northern Ireland.