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.
This 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.
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