By Lucy Fifield, Social Affairs reporter
Picture: Lucy Fifield
According to the Office for National Statistics, house prices around the UK have increased by 10.6% over the year to August 2021, up from 8.5% in July. London has one of the highest average house prices compared to other regions. The average UK house price was £264,000 in August 2021, which is £25,000 higher than this time last year.
The changes in tax paid on housing may have affected how sellers are asking for higher prices. However, London still has the lowest annual house price growth with a twelve-month percentage change at 3.7 per cent.
The bank Halifax is increasing the amount of money it is lending to wealthy borrowers, and this will put more money within the housing market; those who earn more than £75,000 will be eligible for this.
Picture: Lucy Fifield
The pandemic has impacted those involved in the property market during the past 12 months. To understand more about prices paid for a property, HM Land Registry is working on registering land with focusing on the prices paid for a property.