Average House Price Now £250K

The average price of a home has hit £250,000 for the first time as the housing market continues its bull run.

The average price of a home rose 0.7pc in October from the previous month, according to the latest Nationwide house price index. Economists had expected a gain of just 0.3pc.

The increase means the average house price is now more than £30,000 higher than when the pandemic hit in March last year.

Although October was the end of the stamp duty holiday, other factors including a supply shortage and greater demand for bigger homes outside city centres has pushed prices upwards.

This trend is unlikely to continue if interest rates start to rise.

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