UK house price growth accelerated in September, driving average property prices in London and across the UK to a record high. House prices across the UK increased by 4.7% to £245,000 in the year to September, up from 3% growth in August. London’s average house prices hit a record high of £496,000, according to the latest official data from the Office for National Statistics. Average house prices in England jumped 4.9% to £262,000, while in Wales, Scotland and Northern Ireland prices rose 3.8%, 4.3% and 2.4% respectively. Pent-up demand may have contributed to the rise in UK house prices, the ONS said. Meanwhile, data suggested that the pandemic has caused buyers to reassess their housing preferences. The average price of detached properties increased by 6.2% in the year to September, while flats and maisonettes saw a 2% jump, as buyers sought more space following months spent at home during lockdown. House price growth this month is almost double what it was in September last year, as we start to see the true impact of the stamp duty holiday take hold. Despite the incentive being introduced in July, housing transactions take weeks to progress from offer to completion, therefore this is the first month we can begin to assess the benefits of Sunak’s stimulus. The annual uplift in house prices of nearly 5% suggests that sellers may well be adding the savings buyers are making into the price of their homes, so that they also benefit from the incentive.