Official: Annual house price growth hits double digits
The average price of a property in the UK rose by 10.6% in the year to August, reaching £264,244, according to HM Land Registry’s UK House Price Index.
At the country level, the largest annual house price growth in the year to August 2021 was recorded in Scotland, where house prices increased by 16.9%. Wales saw house prices increase by 12.5% in the year to August 2021.
In England property prices rose 9.8% and in Northern Ireland prices increased by 9.0% over the year to Quarter 2 (April to June) 2021.
Regionally, house price growth was strongest in the North East where prices increased by 13.3% in the year to August 2021. The lowest annual growth was in London, where prices increased by 7.5% in the year to August 2021.
Jonathan Hopper, CEO of Garrington Property Finders, said: “The pandemic-inspired boom in the property market is alive, well and burning bright. After a brief lull over the summer months, August’s rapid acceleration in price growth marked a return to business as unusual.
“Once again prices rose across the UK by double-digits. In Scotland the pace of inflation was particularly breathless – prices north of the border soared by 16.9% during the 12 months to the end of August, taking the price of the average Scottish home to a new record high.”
George Franks, co-founder of estate agents, Radstock Property, added: “The strength of the market in August is yet more proof that the fundamental life and work changes brought on by the pandemic have been a far greater driver of house price growth than the stamp duty holiday.
“What’s more, the impact of the pandemic on housing preferences is still only beginning. What people want from their homes has changed beyond recognition and the recalibration of housing needs will play out over years, not months.”