The average price of a home in Britain has soared to its highest level on record, breaking through the £260,000 mark.
Values have risen 7.1 per cent during the past year to reach an average of £262,954, according to the Halifax house price index.
The rises come as buyers look beyond the end of the stamp duty holiday and keep searching for homes with more space, or just a pandemic change of scenery.
House prices have risen as buyers keep searching for homes with more space amid the pandemic
It follows Nationwide reporting separately at the beginning of this month that house prices had risen by an even greater 11 per cent annually on its index, albeit to a lower high of £248,857.
Mark Harris, of mortgage broker SPF Private Clients, said: ‘Demand from buyers continues to outstrip the supply of property coming to the market for sale.
‘Combined with the availability of cheap mortgages and lender criteria creeping back towards pre-pandemic status, this creates the perfect storm for strong house price growth to continue for the remainder of the year.’
But the average house price is often criticised as a somewhat odd construct, due to very wide range of prices across the UK – from the multi-million pound houses and £500,000 flats of London and the South East, to the under £100,000 terraces of the North East.
What that average house price of around £260,000 buys you in reality depends on a variety of factors, including the condition of the property and its location.
Daniel Copley, of property website Zoopla, said: ‘In parts of Britain, £260,000 can still go a long way, and will even enable home hunters to purchase a modern four-bedroom property in certain locations.
‘However, house prices differ hugely across the country and in locations such as London, this will only enable you to purchase a studio or small apartment.’
Below we take a quick trip round the country to find some ‘average priced’ homes.
We take a look inside 10 homes for sale for £260k…
1. Two-bed terrace, Bristol
This terrace house is in Staple Hill on the outskirts of Bristol and comes with two bedrooms
The interior of the house has a bright colour scheme with a blue feature wall in the living room
This two-bedroom house is in Staple Hill on the outskirts of Bristol, with easy access to both that city and to Bath.
There are two bedrooms, a family bathroom and gardens at both the front and rear of the property. It is being sold via estate agents Ocean.
2. Four-bed terrace, Northampton
This Victorian terrace extends across four levels, and includes a bedroom in the basement
The family property is beautifully presented and is in the town centre of Northampton
This Victorian terrace extends across four levels, and includes a basement where there is a bedroom and a separate laundry room.
There are four bedrooms in total at the property, which is in the town centre of Northampton, in Northamptonshire. It is being sold via estate agents Purplebricks.
3. Two-bed semi-detached, St Ives
This semi-detached home is in a cul-de-sac in the popular harbour town of St Ives in Cornwall
The living room has space for a corner sofa and has a double-glazed window at the front
This two-bedroom semi-detached home is in a cul-de-sac in the popular harbour town of St Ives in Cornwall.
The town hit the headlines earlier this year when it hosted the G7 meeting of international leaders.
This property has off road parking for two cars and it is on the market via estate agents Giggs & McGrath.
4. Studio flat, London
This studio flat in West London is close to both Westbourne Park and Ladbroke Grove London underground stations
The leasehold studio flat has a separate kitchen and bathroom, as well as a balcony
This studio flat in West London’s Acklam Road is close to both Westbourne Park and Ladbroke Grove London underground stations.
The leasehold flat has a separate kitchen and bathroom, as well as a balcony. It is being sold via Express Estate Agency.
5. Four-bed semi-detached house, Plymouth
This house in Devon’s Plymouth has been owned by the same owner for the past 49 years
The property has a good size living room with a fireplace and a large window at the front
This semi-detached house in Devon’s Plymouth has been owned by the same owner for the past 49 years.
It has four bedrooms, including one in the loft that has views over neighbouring rooftops out towards Plymouth Hoe. The property is being sold by estate agents Falcon Property.
6. Four-bed detached house, Ayr, Scotland
This detached family home is in the town of Ayr, on the south west coast of Scotland
There is plenty of space on the ground floor of the house, which includes a large conservatory
This four-bedroom house is in the town of Ayr, on the south west coast of Scotland.
It requires some updating but could be transformed into a comfortable family home. It is being sold via estate agents Allen & Harris.
7. Three-bed semi-detached, Wolverhampton
This semi-detached house in Wolverhampton’s Penn has a large block-paved driveway
The family property has three bedrooms and is on the market with Yopa estate agents
This semi-detached house in Wolverhampton’s Penn has a large block-paved driveway for those needing off-road space for their cars.
The family property has three bedrooms and is on the market with Yopa estate agents.
8. One-bed flat, Harpenden, Hertfordshire
This leasehold flat in Hertfordshire has patio doors opening onto a south-facing area of the communal gardens
The flat has a long lease of more than 900 years and is being sold via estate agents Frost’s
This leasehold flat in Harpenden, Hertfordshire, has one bedroom with patio doors opening onto a south-facing area of the communal gardens.
The flat has a long lease in excess of 900 years and is being sold via estate agents Frost’s.
9. Three-bed semi-detached, Crumpsall
This semi-detached house is in Crumpsall, which is a suburb of Manchester
It has a new modern kitchen, three bedrooms and is being sold via Aubrey Lee estate agents
This semi-detached house is in Crumpsall, a suburb of Manchester and comes with three bedrooms.
It has a driveway at the front with space for one car and a garden at the rear of the property. It is being sold via Aubrey Lee estate agents.
10. Four-bed semi-detached, Pontllanfraith, Wales
This modern home is in the village of Pontllanfraith in the Sirhowy Valley in Caerphilly county borough
The low-maintenance garden at the rear of the property has a stone patio covering the entire space
This semi-detached house is in the village of Pontllanfraith in the Sirhowy Valley in Caerphilly county borough, Wales.
It has a driveway with plenty of space and four bedrooms. It is on the market via Bayside Estates.