Average selling prices for UK properties hit a record high in September according to mortgage lender Halifax, with property portal Rightmove reporting asking prices still on the rise.
A rise of 7.3% over the last 12 months is the headline figure, with mortgage applications at the highest in 12 years.
The average UK house price is now approaching £250,000 after September saw a third consecutive month of substantial gains. The annual rate of change will naturally draw attention, with the increase of 7.3% the strongest since mid-2016. Context is important with the annual comparison, however, as September 2019 saw political uncertainty weigh on the market.
Property portal Rightmove tells a similar story. New properties coming to market in September were priced 5% higher than a year ago, suggesting that the current boom may be maintained, at least in the short term.
Whilst prices are up across the board, it is the 'top of the ladder' - four bedroom detached and larger - which is seeing the biggest gains. At an average price of £575,000, these are the properties that see the largest savings under England's Stamp Duty holiday.
Previous records are tumbling in this extraordinary market, and there are still some legs left in the upwards march of property prices. We predict that the annual rate of growth will peak by December at around 7% higher than a year ago.
Properties in the Midlands and northern England continue to outperform the south, with gains ranging between 6.3% and 7.7%.