Nationwide says average home now costs quarter of a million pounds – but Wiltshire property prices are far more
The average house price in the UK has crossed the quarter-million pound mark for the first time, according to new research published by building society Nationwide.
But in its home town of Swindon, the average house price stands at more than £20,000 over the UK average – at £272,915 – and the picture is even better or worse – depending on your point of view – as you cross into rural Wiltshire.
The building society’s House Price Index found the average property price increased by 0.7 percent between September and October 2021.
Annual house price growth remains at 9.9 percent for the year to October 2021 – meaning the average house price has increased by £30,000 since the pandemic struck.
Robert Gardner, Nationwide’s chief economist, said: “Annual house price growth remained elevated in October at 9.9 percent, albeit marginally lower than the 10 percent recorded in September.
“Prices rose 0.7 percent in month-on-month terms, after taking account of seasonal effects. The price of a typical UK home has now passed the £250,000 mark, an increase of £30,728 since the pandemic struck in March 2020.
“Demand for homes has remained strong, despite the expiry of the stamp duty holiday at the end of September. Indeed, mortgage applications remained robust at 72,645 in September, more than 10 percent above the monthly average recorded in 2019. Combined with a lack of homes on the market, this helps to explain why price growth has remained robust.
“The outlook remains extremely uncertain. If the labour market remains resilient, conditions may stay fairly buoyant in the coming months – especially as the market continues to have momentum and there is scope for ongoing shifts in housing preferences as a result of the pandemic to continue to support activity.
“However, a number of factors suggest the pace of activity may slow. It is still unclear how the wider economy will respond to the withdrawal of government support measures.
Consumer confidence has weakened in recent months, partly as a result of a sharp increase in the cost of living.
“Even if wider economic conditions continue to improve, rising interest rates may exert a cooling influence on the market, though the impact on existing borrowers is likely to be modest, as discussed below.”
Meanwhile, data from property experts Zoopla give a more precise picture of actual prices paid for houses in Wiltshire over the past 12 months.
Marlborough takes the prize for the highest average house price, at an eye-watering £523,475, with the neighbouring large village of Pewsey coming second with an average house price of £472,009.
Malmesbury, where the average house price stands at £443,582, comes third. The rest of Wiltshire’s Top Ten looks like this:
- Bradford-on-Avon £436,567
- Salisbury £381,805
- Corsham £376,406
- Chippenham £369,933
- Warminster £327,909
- Devizes £326,367
- Calne £308,274
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