The Office for National Statistics (ONS) reported that UK house prices increased by an average of £10,000 from October 2024. The report showed the value of a typical home to be an estimated £292,000, an annual increase of 3.4% compared to £282,000 recorded in October 2023.
In England the average house price increased by 3% year-on-year to £309,000. The highest regional increase was in Northern Ireland, where prices rose by 6.2% to £191,000. In Scotland, prices rose by 5.5% to £197,000, while in Wales there was a 4% increase to average house prices to £222,000.
However, monthly, property prices fell on average. In London, average property values were £7,000 lower between September and October, taking average prices in the capital down from £531,000 in August to £520,000 in October.
Contact Drummonds Finance Group for mortgage advice
Your home may be repossessed if you do not keep up repayments on your mortgage.’
Comments