UK average house prices increased by 4.7 per cent on the year in September to hit a record high of £245,000 ($324,321), as Rishi Sunak’s stamp duty holiday ramped up demand, according to official data.
September’s House Price Index shows that house prices rose 1.7 per cent from August, when they recorded a 3-per-cent annual rise, with the average property in the UK now valued at £244,513.
Britain’s property market has seen a flurry of activity over the summer, after Mr Sunak introduced a stamp duty land tax break at the start of the July for residential properties worth up to £500,000.
The holiday, which expires on March 31, means that nine in 10 people buying their first home or moving up the property ladder will pay no stamp duty at all, with the measure delivering an average saving of £4,500, HM Treasury said.
The HPI is based on completed housing transactions, with a typical house purchase taking between six and eight weeks to reach completion, so September’s data will reflect “those agreements that occurred after the tax changes took place”, according to the Office for National Statistics.
The September surge in prices was led by England, which experienced a 4.9-per-cent increase with the average house price now at £262,000. In Wales, prices rose 3.8 per cent to £171,000, in Scotland they were up 4.3 per cent to £162,000 and Northern Ireland saw prices rise 2.4 per cent taking the average house price to £143,000.
Meanwhile, London's average house price hit a record high of £496,000, with an annual rise of 4.1 per cent.
Earlier this month, the Halifax House Price Index showed that British house prices rose at the fastest annual rate in October since June 2016, with the average home now selling for more than £250,000 ($326,261) for the first time, according to Halifax.
However, there were signs the market is slowing, with only a 0.3-per-cent rise in prices in October from the previous month, when house prices rose 1.5 per cent.
Asking prices for British houses edged down in November, according to property website Rightmove, as sellers sought to offload their properties ahead of the expiry of the tax holiday in March.
Prices fell 0.5 per cent in November from October, when they jumped by the most in more than four years, Rightmove said.
"Given the ongoing mini-boom, prices might have been expected to rise again this month," Tim Bannister, Rightmove’s director of property data, said.
"But instead we have a slight dip which could be a result of some new sellers pricing more realistically to have a better chance of agreeing a sale in time to benefit from the stamp duty savings on their onward purchase."
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Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
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Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Our family matters legal consultant
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Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
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Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
