I guess these types of statistics are to be expected when you vote in the party of landlords. Some grim reading for anyone unfortunate enough to be sitting on the sidelines:
The average price of a property in the UK has surpassed £270,000 for the first time following a 0.9% rise in prices month-on-month, according to the Halifax house price index.
On a quarterly basis prices are up 2.3% and year-on-year prices are up 8.1%.
Regionally, Wales has remained the strongest performing nation or region with annual house price inflation of 12.9% (average house price of £198,880), while Northern Ireland has recorded its strongest growth in four months (11.3%, average house price of £169,308).
House prices also continued to rise in Scotland, with the average property now up 8.6% year-on-year (average house price of £190,023).
In England, the North West has returned to being the strongest performing region (10.4%, average house price of £205,881), which is also a four-month high.
London has remained by far the weakest performing area of the UK, annual inflation of just 0.8%, from an increase of 1.0% in September, is the lowest year-on-year rise in prices seen since February 2020.
Though at an average of £514,907, property prices in the capital remain well above all other parts of the country.
Russell Galley, managing director at Halifax, said: “UK house prices climbed again in October, as the value of the average property grew by 0.9%, an increase of more than £2,500 during the month. With prices rising for a fourth straight month, the annual rate of inflation now sits at 8.1%, its highest level since June.
“One of the key drivers of activity in the housing market over the past 18 months has been the race for space, with buyers seeking larger properties, often further from urban centres. Combined with temporary measures such as the cut to stamp duty, this has helped push the average property price up to an all-time high of £270,027. Since April 2020, the first full month of lockdown, the value of the average property has soared by £31,516 (13.2%).
“First-time buyers, supported by parental deposits, improved mortgage access and low borrowing costs, have also helped to drive price growth in recent months. First-time buyer annual house price inflation (9.2%) is now at a five-month high, and has pushed ahead of the equivalent measure for homemovers (8.1%).