The typical UK property value hit a file excessive of £262,954 in August, in response to an index.
The standard value is greater than £23,600 greater than when the housing market was beginning to reopen in June 2020, Halifax stated.
Annual home value inflation slowed to a five-month low of seven.1% final month, Halifax added.
Wales remained the strongest performing space, with annual home value inflation at 11.6% and the one double-digit rise recorded throughout the UK throughout August.
The South West of England was additionally nonetheless experiencing sturdy development at 9.6%, in all probability reflecting the continuing demand for rural dwelling inside the area, the report stated.
Some areas seem to have headroom for even stronger value development, Halifax added, with annual home value inflation within the North East of England at 8%.
In Northern Eire annual home value inflation was at 9.3% in August.
In Scotland, home value development slowed to eight.4%.
Property values throughout the UK had been up by 0.7% month on month or £1,789 on common in August, following a 0.4% enhance in July.
Russell Galley, managing director, Halifax, stated: “Given the speedy positive aspects seen over the previous 12 months, August’s rise was comparatively modest and the annual price of home value inflation continued to sluggish, hitting a five-month low of seven.1% (versus 7.6% in July).
“Nonetheless, in comparison with June 2020, when the housing market started to reopen from the primary lockdown, costs stay greater than £23,600 greater (or 9.9%).
“A lot of the affect from the stamp obligation vacation has now left the market, as highlighted by the drop in trade transaction numbers in comparison with a yr in the past.
“Nonetheless, whereas such Authorities schemes have offered very important stimulus, there have additionally been different important drivers of home value inflation.
“We consider structural components have pushed file ranges of purchaser exercise – such because the demand for more room amid higher home-working.
“These developments look set to persist and the worth positive aspects made because the begin of the pandemic are unlikely to be reversed as soon as the remaining tax break (in England and Northern Eire) involves an finish later this month.”
Mark Harris chief govt of mortgage dealer SPF Personal Purchasers, stated: “Whereas property costs are nonetheless rising, the marginally extra modest price of development displays decreased depth out there in contrast with earlier in the summertime.
“Then, consumers had been determined to make the most of the total stamp obligation vacation; now there are nonetheless reasonable financial savings to be made however there’s nothing like the identical urgency.”
Jeremy Leaf, a north London property agent and a former residential chairman of the Royal Establishment of Chartered Surveyors (Rics), stated: “These costs are as a lot to do with inventory shortages and low-cost mortgage finance as exercise.”
He added: “Market power has not run its course and we’re discovering pent-up demand is alive and nicely, leading to loads of transactions, albeit at a decrease stage than we noticed a couple of months in the past.”
Listed here are common home costs and annual value development in August, in response to Halifax:
– East Midlands, £218,112, 8.7%
– Japanese England, £306,169, 7.3%
– London, £508,503, 1.3%
– North East, £154,629, 8.0%
– North West, £201,143, 9.5%
– Northern Eire, £165,032, 9.3%
– Scotland, £185,953, 8.4%
– South East, £356,742, 6.8%
– South West, £272,719, 9.6%
– Wales, £192,928, 11.6%
– West Midlands, £222,830, 7.4%
– Yorkshire and the Humber, £184,918, 9.1%