The average UK property price has soared by 10.2 per cent in the year to March, according to figures recently released from the Office for National Statistics (ONS).
The Guardian reports that house prices have grown at their fastest rate since August 2007, and the average UK home is now worth £24,000 more than it did in March 2020, after a year when the national appetite for new homes, in particular upsizing, has significantly escalated.
The typical British home is now worth £256,000, according to the ONS’ UK House Price Index.
On a month-by-month basis, average house prices increased by 2.1 per cent between February and March this year, and house price growth has been consistently increasing since July 2020, when the first national lockdown was eased, and the housing market was reopened, along with the stamp duty holiday being introduced as an incentive for buyers.
The biggest increases have been seen on detached properties, as buyers sought more space and gardens in response to the pandemic and spending more time at home.
According to the ONS, the price of a detached home increased by 11.7 per cent in the year to March 2021, compared to flats and maisonettes which increased by 5 per cent over the same period.
In England alone, the average house price is now at a record £275,000, and Yorkshire and The Humber have seen the highest annual house price growth, with average prices increasing by 14 per cent in the year to March.
The lowest rate of growth was in London, with only 3.7 per cent over the year to March, down from 4.4 per cent in February. However, London remains the most expensive region in the UK with average house prices reaching £500,000.
The North-East continued to have the lowest average house price, at £146,000 and surpassed its pre-economic downturn peak of July 2007 in December 2020.
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