- UK average house prices increased by 10.6% over the year to August 2021, up from 8.5% in July.
- The average UK house price was £264,000 in August 2021, which is £25,000 higher than this time last year.
- Average house prices increased over the year in England to £281,000 (9.8%), in Wales to £195,000 (12.5%), in Scotland to £181,000 (16.9%) and in Northern Ireland to £153,000 (9.0%).
- London continues to be the region with the lowest annual growth (7.5%) for the ninth consecutive month.
Office for National Statistics (ONS) data shows property values have increased by 10.6% in the year to August 2021, up from 8.5% in July making the average UK house worth £25,000 higher in August than the previous year.
The surge in property prices was helped in part due to the stamp duty holiday, which saved thousands of pounds in tax.
The average house price in Scotland increased by 16.9% over the year to August 2021, up from an increase of 15.0% in the year to July 2021, with the average house price in Scotland now at a record level of £181,000.
The average house price growth in Wales increased by 12.5% over the year to August 2021, up from an increase of 12.4% in July 2021, with the average house price in Wales now at £195,000.
The average house price in England increased by 9.8% over the year to August 2021, up from an increase of 7.5% in the year to July 2021, with the average house price in England now at £281,000.
The average house price in Northern Ireland increased by 9.0% over the year to Quarter 2 (Apr to June) 2021. Northern Ireland remains the cheapest UK country to purchase a property in, with the average house price at £153,000.
The North East was the region with the highest annual house price growth, with average prices increasing by 13.3% in the year to August 2021. This was up from 11.3% in July 2021.
The lowest annual growth was in London, where average prices increased by 7.5% over the year to August 2021, up from 2.9% in July 2021, which represents the strongest annual growth in London since August 2016.
Despite being the region with the lowest annual growth, London’s average house price remains the most expensive of any region in the UK at an average of £526,000 in August 2021, the highest on record.
The North East continued to have the lowest average house price, at £149,000, having surpassed its pre-economic downturn peak of July 2007 in December 2020
Earlier this week, official figures showed that house prices reached record asking prices in all nations and regions of the UK and in all sectors for the first time since 2007.