Median house prices in the UK rises by £ 25,000 in a year.

Median house prices in the UK rises by £ 25,000 in a year.

The cost of a house went up in all regions in the 12 months to August, and prices in London jumped to £526,000.

The average prices of homes in the UK increased by £25,000 in the 12 months to August; official figures show increases recorded across all regions.

The annual price inflation rate reached 10.6% for the month, up from 8.5% in July, the Office for National Statistics said, bringing the median price to £264,000.

The rebound in the property market since Covid restrictions were relaxed in spring 2020 has been fueled by a ‘race for space’ between buyers and doorbell holidays across the UK.

The tax exemption in England, which was the most generous initially and was removed entirely at the end of September alone, helped drive prices up 9.8% in the year to August, to an average of £281,000.

Growth rates were highest in Wales and Scotland, but average prices remained lower, at £195,000 and £181,000. In Northern Ireland, the median price was up 9% year-on-year to £153,000.

Figures from ONS show that prices in London reached a new high of £526,000 despite the capital posting the lowest level of growth among the regions for the ninth month in a row.

Although the stamp duty holiday is over, experts suggest prices will not fall because demand for homes remains higher than supply.

Nitesh Patel, a strategic economist at the Yorkshire Building Society, said the median house price was more than £33,000 higher than before the start of the coronavirus pandemic, adding: “This is significantly more than many people earn in a year.

Now that the stamp duty holiday is over, we expect the recent high-level activity to cool down.”

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