Average UK house price increased by £27k to a record high of £275k at end of 2021
THE average house price increased by £27,000 last year, ending 2021 on a record high of £275,000, according to figures from the Office for National Statistics.
Across the UK generally, the year to December saw an increase of 10.8 percent, accelerating from 10.7 percent in November.
Mike Hardie, ONS head of inflation, said: "House prices in the UK, England and Wales all reached record levels this month. UK rental prices accelerated at their fastest since 2017, with increases across every region in England."
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Nitesh Patel, strategic economist at Yorkshire Building Society, said: "A key challenge in the current housing market is the lack of supply of homes for sale, while demand continues to remain strong - which perhaps explains the strong price performance in southern England."