£3,000 Fall in Average UK House Price in October

By PA Media
PA Media
PA Media
December 15, 2021 Updated: December 15, 2021

The average UK house price was £3,000 ($4,000) lower in October than a record high reached the previous month, according to official figures.

The typical property value in October was £268,000 ($354,000), down from a peak of £271,000 ($358,000) in September, the Office for National Statistics (ONS) said.

A stamp duty holiday in England and Northern Ireland, which had sparked a rush of buyers, ended from October.

Despite the fall, the average house price was still £24,000 ($31,000) higher than a year earlier.

House prices increased by 10.2 percent over the year to October, slowing down from 12.3 percent growth in September.

Average house prices increased over the year in Wales to a record level of £203,000 ($268,000) (15.5 percent annual growth), in England to £285,000 ($377,000) (9.8 percent), in Scotland to £181,000 ($239,000) (11.3 percent), and in Northern Ireland to £159,000 ($210,000) (10.7 percent).

ONS head of economic statistics Sam Beckett said, “Following last month’s record level of house prices, annual house price inflation slowed in October, with annual growth rates in England, Wales, and Scotland all lower than in September.”

She added: “London continues to show the weakest annual growth, with the East Midlands performing strongest.”

Average prices in the East Midlands increased by 11.7 percent in the year to October.

House prices in London increased by 6.2 percent annually.

Despite having the lowest annual growth, London’s average house prices remain the most expensive of any region in the UK at an average of £516,000 ($682,000) in October.

The northeast of England continues to have the lowest average house price at £148,000 ($195,000), the ONS said.

By Vicky Shaw

PA Media