THE average house price in the UK has topped a quarter of a million pounds for the first time in history – but is set to drop next year.
According to new data from Halifax, the average UK home cost £250,457 in October, which is the highest price on record.The figure was 7.5% more than the average price in October 2019, making it the highest year-on-year growth for more than three years.
There is also pent up demand among buyers who had to stall their search for a home because of lockdown in the spring. Halifax managing director Russell Galley said the number of people moving home at the moment was “unusually high”. People are also finding it easier to finance their new homes. The latest industry figures show home-buyer mortgage approvals at their highest level since 2007.
ial ewign of ith