UK house prices rose by 8.5% during 2020 – the highest annual growth rate since October 2014.
The average UK house price reached a record high of £252,000 in December 2020, most likely pushed up due to the rush to beat the Stamp Duty Holiday that is expected to end at the end of March.
The Office for National Statistics (ONS) said that prices in London rose by 3.5% while the North-West of England saw the highest growth with 11.2%; the average property prince in England in December was £269,000.
The National Lockdowns prompted by the Coronavirus Pandemic and the need for more home space after millions were forced to work from home has also been reflected in house prices. The ONS has said that the average price of detached properties rose 10% during 2020 compared with the 5% growth for flats and maisonettes.
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