Average UK house price rises £33,000 in a year

The average house price in Britain was £33,000 higher in October than a year earlier, after rising by 12.6 per cent, according to the latest official figures.

The annual rate of change in October accelerated from a 9.9 per cent increase in September, which was partly due to stamp duty changes last year, the Office for National Statistics said.

Steadily increasing prices throughout 2022 resulted in the average UK house price reaching a record high. Across the UK the average house price in October was £296,000.

On a seasonally adjusted basis the average UK house price increased by 0.7 per cent between September and October, following a rise of 0.5 per cent in the previous month. Average house prices in England, Scotland and Wales hit record levels in October.
SOURCE: MoneyFacts [thetimes.co.uk – 15.12.22.]