According to the Office of National Statistics (ONS), 12-month house price growth in the UK up until February 2021 has been 8.6%. This makes it the highest annual growth rate in over 6 years according to the ONS’s latest figures.
The annual increase was up from 8% in January and the biggest year-on-year jump since October 2014.
The region that saw the highest growth was the North West, with average prices climbing by 11.9% to £184,351, while London saw the lowest with prices move at 4.6% to £496,269.
Furthermore, transaction volume is at an all-time high. The number of homes sold in the UK hit a record high in March as buyers and sellers attempted to complete deals before the end of the stamp duty holiday. This holiday has now been extended and we are likely to see transaction levels stay strong until at least September.
According to the latest figures from the HMRC, approximately 180,690 transactions were recorded during March. This is double the volume that was seen in March 2020 and the highest amount of transactions since they began keeping records in 2005.