UK house prices increased by 5.4% in the year to October 2020, up from 4.3% in September 2020.

The UK Property Transactions Statistics showed that in October 2020, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 105,630. This is 8.1% higher than a year ago. Between September and October 2020, UK transactions increased by 9.8% on a seasonally adjusted basis.

House price growth was strongest in Scotland where prices increased by 6% in the year to October 2020, up from 4% in the year to September 2020. The lowest annual growth was in the East of England, where prices increased by 3.4% in the year to October 2020, down from 4% in the year to September 2020. Wales, saw house prices rise by an average of  2.5% since September 2020, with an annual price rise of 5.8% taking the average property value to £175,998.

In England the October data shows, on average, house prices have risen by 0.6% since September 2020 and the annual price rise of 5.4% takes the average property value to £262,175.