UK house prices climb but outlook for market ‘extremely uncertain’

Average UK house prices defied expectations and continued to climb last month despite the phasing out of the government’s stamp duty holiday at the end of September.

The continued increases mean that the price of an average home in the UK has risen above £250,000 for the first time on the building society Nationwide’s index.

Other house price indices have already recorded UK averages above a quarter of a million pounds. Official figures from the Office for National Statistics based on mortgage completions put the average price at £264,000 in August, while the Halifax building society suggested the milestone was passed in October 2020.

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