Research reported in the Independent reveals that average UK house prices reached an all-time high of £250,000 in November despite economic instability

The latest official figures show UK property values jumped 7.6 per cent in the year to November 2020 - the fastest annual growth rate since June 2016.

The figures again highlighted large disparities between regional housing markets. Property prices in northeast England rose to £140,000, marking the first time that average values have surpassed a peak reached in 2007 before the financial crisis.

London and Yorkshire and the Humber recorded the joint highest growth, with average prices rising 9.7 per cent.

The report warns that the eventual withdrawal of the furlough scheme, mortgage payment holidays and the return of the stamp duty threshold to its former level ‘likely would leave house prices about 2 per cent lower by the end of the year than at present’.

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The Independent - UK house prices soar to new all-time high of £250,000