Today’s Office of National Statistics latest figures are in for October 2022. This gives a real insight into what the property market looks like in the UK. We have summarised the key statistics for an easy overview of the UK property market (below).
UK average house prices increased by 12.6% over the year to October 2022, down 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.