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October saw a 12.6% increase in UK house prices

October saw a 12.6% increase in UK house prices

Posted on December 19, 2022   |  

In October, British house prices grew by 12.6% year-on-year, driven by a sharp drop in the same month last year after changes to the stamp duty property tax.

The median house price in the UK in October was £296,000, which is £33,000 higher than in the same period of last year.

The increase in annual average house price percentage change was because average house prices fell by £6,000 between September-October 2021, following the end of the stamp duty holiday.

On a seasonally adjusted basis, the average UK house price grew by 0.7% between September and October, up from an increase of 0.5% in the previous month. 

Average house prices increased by 13.2% to £316,000 in England over the period, while in Wales average prices jumped 11.8% to around £224,000. 

In Scotland, average property prices increased by 8.5% in the year to October, reaching £195,000, while in Northern Ireland prices rose by 10.7% to £176,000. 

In October, London’s average property prices remained the most expensive of any region in the UK, with an average price of £542,000.

But, London had the lowest annual house price inflation, with average prices increase of 6.7% in the year to October, down from an annual percentage change of 7.4% in September. 



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