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House prices rising at fastest annual rate since 2007, says ONS

UK average house prices increased by 10.2% over the year to March 2021, up from 9.2% in February 2021; this is the highest annual growth rate the UK has seen since August 2007, according to the Office for National Statistics (ONS).

Average house prices increased over the year in England to £275,000 (10.2%), in Wales to £185,000 (11.0%), in Scotland to £167,000 (10.6%) and in Northern Ireland to £149,000 (6.0%).

The ONS stated: ‘The pandemic may have caused house buyers to reassess their housing preferences. In our UK HPI data, we have seen the average price of detached properties increase by 11.7% in the year to March 2021, in comparison with flats and maisonettes increasing by 5.0% over the same period.’

Yorkshire and The Humber was the region with the highest annual house price growth, with average prices increasing by 14.0% in the year to March 2021. This was up from 11.0% in February 2021. The lowest annual growth was in London, where average prices increased by 3.7% over the year to March 2021, down from 4.4% in February 2021.

London’s average house prices remain the most expensive of any region in the UK at an average of £500,000 in March 2021. The North East continued to have the lowest average house price, at £146,000, and finally surpassed its pre-economic downturn peak from July 2007 in December 2020.

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