UK house price inflation accelerated in October due to the low base of comparison, the Office for National Statistics said Wednesday.
House prices advanced 12.6 percent on a yearly basis in October, up from 9.9 percent in September.
The annual increase was mainly due to the base effect as prices decreased by GBP 6,000 between September and October 2021, following changes to Stamp Duty Land Tax. The average UK house price hit a record GBP 296,000 in October.
On a monthly basis, house prices gained by seasonally adjusted 0.7 percent, following an increase of 0.5 percent in the previous month.
By region, London posted the lowest annual house price inflation of 6.7 percent in October.
Although the pace of growth in London was the lowest among major regions, the capital remained the most expensive place in the UK, with an average house price of GBP 542,000.
