Average UK house price jumps by £25,000 since last August
Potential homebuyers will have to put their hands deep in their pockets
The average UK house price jumped by £25,000 in August compared to a year earlier, official figures show.
The Office for National Statistics (ONS) also reported that property values 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," the ONS said.
The average house price in Scotland surged by 16.9% to a record high of £181,000.
Average house prices increased over the year in England to £281,000 (a 9.8% annual increase), in Wales to £195,000 (12.5%) and in Northern Ireland to £153,000 (9.0%).
In England, for the ninth month in a row, London was the region with the lowest annual house price growth (7.5%). Though prices there still hit a new record high in August.
London's average house price also remained the highest of any region in the UK sitting at £526,000 - the highest on record, the ONS said.
The average house prices around England are:
- London: £525,893
- South East: £358,070
- East: £324,510
- South West: £288,658
- West Midlands: £228,593
- East Midlands: £221,693
- North West: £194,821
- Yorkshire and The Humber: £185,968
- North East: £149,042
The North East had the highest annual house price growth in England, with average prices increasing by 13.3%.
However, the region continued to have the lowest average house price at £149,000.
ONS head of economic statistics Sam Beckett said: "Annual house price growth rebounded in August from the dip seen last month following changes to the stamp duty holiday."
She added: "Scotland saw the highest growth in house prices and although London's growth was once again the weakest, it has picked up significantly from last month's trough."
These are the UK's most expensive streets for 2021, according to Zoopla:
Kensington Palace Gardens, London W8
The average price for property in Kensington Palace Gardens stood at £32,445,602 in October 2021.
Courtenay Avenue, London N6
The average price for property in Courtenay Avenue stood at £20,510,200 in October 2021.
Grosvenor Crescent, London SW1X
The average price for property in Grosvenor Crescent stood at £17,948,593 in October 2021.
Ilchester Place, London W14
The average price for property in Ilchester Place stood at £15,831,687 in October 2021.
The Boltons, London SW10
The average price for property in The Boltons stood at £14,890,544 in October 2021.
Frognal Way, London NW3
The average price for property in Frognal Way stood at £11,843,238 in October 2021.
Manresa Road, London SW3
The average price for property in Manresa Road stood at £11,528,637 in October 2021.
Compton Avenue, London N6
The average price for property in Compton Avenue stood at £10,862,536 in October 2021.
Cottesmore Gardens, London W8
The average price for property in Cottesmore Gardens stood at £10,806,122 in October 2021.
Albemarle Street, London W1S
The average price for property in Albemarle Street stood at £10,529,739 in October 2021.