London and the South East are currently the fastest growing regions in terms of house price growth, according to e.surv’s House Price Index, produced by Acadata.
Annual house price inflation stands at 7.3% in Greater London, bringing the typical price to £646,614, as well as 4.3% in the South East to £392,521.
The results contrast with data over the past year, where the North West has typically outstripped the capital in terms of house price growth.
Across England and Wales as a whole, annual price growth stands at 4.4% in October 2020, as well as 0.9% month-on-month.
Richard Sexton, director at e.surv, said: “Despite the slowed growth, average property values still stand at 4.4% higher than this time last year. This increase is still thought to be largely buoyed by the purchase of the bigger, and often more expensive, homes – activity which has been encouraged further by the stamp duty holiday in England.
“The resilience of the housing market through the crisis has been astounding, as shown by the continual rise of prices since June. The first national lockdown, which left many in England and Wales almost totally confined to their current homes, certainly seems to have re-focused the minds of a lot of consumers onto the property market.”
This post has originally been featured in Property Wire.