House price growth in October was 0.7% month on month, taking the annual figure to 9.9% according to Nationwide. This takes the average price past the quarter of a million pounds watermark for the first time.
Nationwide's figures show an average price of £250,311. Ten years ago it stood at £167,757, an increase of 50% over a decade. The monthly increase of 0.7% comes despite the end of the stamp duty holiday at the end of September.
Nationwide's numbers for October
Demand for homes has remained strong, despite the expiry of the stamp duty holiday at the end of September. Indeed, mortgage applications remained robust at 72,645 in September, more than 10% above the monthly average recorded in 2019. Combined with a lack of homes on the market, this helps to explain why price growth has remained robust.
Around the regions
In Q3 Wales, Scotland and Northern England continue to show accelerating price increases, while most English regions appear to be slowing down.
Wales was the highest performer at 15.3% year-on-year. Northern Ireland stood at 14.3% and Scotland picking up to 11.6%.
The rate of increase in England slowed to 8.5% from 9.9% in Q2, with price increases stronger in Northern England than the South. At 12.3%, Yorkshire showed the highest growth for the second quarter in a row, followed by the North West at 11.4%. London saw the lowest level of increase at 4.2%.