The Office for National Statistics (ONS) has reported that, on average, UK house prices rose 0.7% between September and October 2020.
There has been an annual price rise of 5.4%, which makes the average property in the UK valued at £245,443.
In England house prices rose by 0.6% between September and October and by 5.4% annually, taking the average property value to £262,175.
However, house prices in the capital fell 1.2% between September and October and rose 3.9% annually taking the average property value to £490,936.
In addition, Wales saw house prices prices rise by 2.5% between September and October. It means they have risen by 5.8% annually taking the average property value to £175,998.
Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “These most comprehensive of all the housing market figures confirm what others have been saying, not least because they are a little dated, reflecting activity from a few months ago. At that time, prices were rising quite strongly but beginning to slow in response to fears over further lockdown restrictions, which proved accurate.
“Since then, new buyer enquiries have fallen but the determination to take advantage of the stamp duty holiday has not.
“Looking forward, there does not seem to be any sign of a huge correction although inevitably disappointing economic news is bound to have some bearing as 2021 develops.”
