This strong national increase is being fuelled by the perfect storm of high buyer demand combined with low housing stock levels.
The stamp duty holiday helped increase house prices in the UK by 9.8% in the year to August, before coming to a close in September.
Whilst growth rates were seen to be higher in Wales and Scotland, the average prices are lower at £195,000 and £181,000 respectively.
At the same time, London has seen the lowest level of growth across all regions but has reached a new height at £526,000 on average.
Even though the stamp duty holiday has finished, experts believe that prices won’t fall due to demand for homes remaining higher than supply.
Online property searches spike over the Christmas period, giving you an optimal window to showcase your home and attract buyers in the new year.
To learn your property's value and get it market-ready in time for the holidays, contact us.