The average UK house price was £25,000 higher in August than the previous year, official figures show.
Property values increased by 10.6% in the year to August 2021, up from 8.5% in July, the Office for National Statistics (ONS) said.
The surge in property prices was helped in part due to the stamp duty holiday, which saved Brits thousands of pounds in tax.
The ONS added: “The average UK house price was £264,000 in August 2021, which is £25,000 higher than this time last year.”
ONS head of economic statistics Sam Beckett said: “Annual house price growth rebounded in August from the dip seen last month following changes to the stamp duty holiday.”
She added: “Scotland saw the highest growth in house prices and although London’s growth was once again the weakest, it has picked up significantly from last month’s trough.”
Earlier this week, official figures showed that house prices reached record asking prices in all nations and regions of the UK and in all sectors for the first time in 2007.
Below is a a breakdown of the average asking prices across Britain in October, all of which are record highs, according to Rightmove:
Tim Bannister, Rightmove’s director of property data, said: “Competition for property for sale remains hot this autumn, with average prices jumping by almost £6,000 in the month.
“Although more properties are coming to market, the level is still not enough to replenish the stock that’s being snapped up.
“Consequently, new price records have been set across the board, with every region of Great Britain and all of the three market sectors of first-time buyer, second stepper and top of the ladder hitting all-time highs.
“This ‘full house’ is an extremely rare event, happening for the first time since March 2007.”
