It has been another busy month for the top end of the prime market. Over £2 million sales were up 5% on 2020 and 29% higher than 2019. The lower end of the market was quieter, suggesting many buyers wanting to purchase this year did so to take advantage of stamp duty savings. October saw 35% fewer sales under £2 million compared with 2020. But this follows a busy first half of the year, with sales under £2 million so far this year 59% higher than 2020.
The latest figures from the Land Registry arrived on 20 October. These figures are based on real, exchanged transactions, as opposed to all the other price indicators that are taken further up the transaction chain. As of August 2021, the average house price in the UK is £264,244, and the index stands at 138.59. Property prices have risen by 2.9% compared to the previous month and risen by 10.6% compared to the previous year. That was an increase from 8.5% in the year to July.
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