Average UK house price hits record high of £270,000

The average house price has hit a record high of £270,000 after surging by £28,000 over the past year, official figures show.

Across the UK, property values increased by 11.8% over the year to September, accelerating from 10.2% annual growth in August, the Office for National Statistics (ONS) said.

The average house price in Wales increased by 15.4% over the year to September, hitting a record £196,000.

In England, the average house price increased by 11.5% over the year to September, also pushing the average property value there to a record high of £288,000.

The average house price in Scotland increased by 12.3% over the year to September to reach £180,000.

In Northern Ireland, the typical property value increased by 10.7% annually, reaching £159,000.

In England, the North West was the region with the highest annual house price growth, with average prices increasing by 16.8%.

London was the region with the lowest annual growth (2.8%) for the 10th month in a row.

This represented the lowest annual growth in London since July 2020.

London’s average house prices remained the most expensive of any region in the UK at an average of £507,000 in September.