House prices across the UK increased by an average of 10.6% in the year to August 2021, according to the latest figures from the Land Registry.

It means the average property in the UK is now valued at £264,244.

On a non-seasonally adjusted basis, house prices increased by 2.9% between July and August 2021, compared with an increase of 1% during the same period a year earlier (July and August 2020).

The UK Property Transactions Statistics show that in August 2021, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 98,300.

That is 20.9% higher than a year ago.

In England, the August data shows that, on average, house prices have risen by 3.2% since July 2021. The annual price rise of 9.8% takes the average property value to £280,921.

House price growth was strongest in the North East where prices increased by 13.3% in the year to August 2021.

The lowest annual growth was in London, where prices increased by 7.5%.

The UK House Price Index (HPI) is based on completed housing transactions.

Typically, a house purchase can take 6 to 8 weeks to reach completion.

The price data feeding into the August 2021 HPI will mainly reflect those agreements that occurred after the government measures to reduce the spread of Covid-19 took hold.

Please contact us if you would like advice about the legal aspects of buying or selling a home