House Prices Up 8.5% in 2020 According To Official Figures, But How Long Will The Party Last?

The average prices of UK house climbed 8.5% in 2020, the highest yearly growth rate since October 2014, according to the official Land Registry data.

The average UK house price reached a record high of £252,000 in December 2020, the Office for National Statistics said.

The UK is made up of a number of distinct markets, some a world apart from London where average prices are just under £500,000.

The North West had the highest growth of 11.2%, while London rose just 3.5%.

The stamp duty holiday and buyers reassessing their housing preferences contributed to the rise, the ONS said.

The desire for more space during the pandemic saw the average price of detached properties rise by twice as much as flats and maisonettes during 2020, up by 10% and 5% respectively.

In Wales, where there has been a recent boom in second home purchases, enjoyed the fastest growth, with property values rising 10.7% to £184,000.

In England, prices climbed 8.5% to £269,000, in Scotland, 8.4% to £163,000 and in Northern Ireland 5.3% to £148,000.

There is speculation that the Stamp Duty holiday, due to end in March, will be extended for a further six weeks.

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