According to the recent release by ONS (Office for National Statisitcs), the residential property market for October 2022 in the UK is still rising. Here are the main points:
- Average UK house prices increased by 12.6% over the year to October 2022, up from 9.9% in September 2022.
- The increase in the annual percentage change was partly caused by a sharp fall in UK average house prices in October 2021, following changes to Stamp Duty Land Tax.
- The average UK house price was £296,000 in October 2022, which is £33,000 higher than this time last year and little changed from last month.
- Average house prices increased over the year to £316,000 (13.2%) in England, to £224,000 in Wales (11.8%), to £195,000 in Scotland (8.5%) and to £176,000 in Northern Ireland (10.7%).
