The average UK property price has risen to an all-time high of £270,000 as prices defied expectations of a slowdown after the end of the stamp duty holiday.
The Halifax house price index rose 8.1 per cent in October compared with the same month last year, accelerating from 7.4 per cent in the previous month and marking the fastest pace since June.
The increase took the average property price to above £270,000 for the first time on record.
The Halifax index comes two days after the Nationwide report that found the average house price topped £250k in October for the first time. Both indices are based on mortgages they approve with differences resulting from the basket of their customers.
“One of the key drivers of activity in the housing market over the past 18 months has been the race for space, with buyers seeking larger properties, often further from urban centres,” said Russell Galley, managing director at Halifax.
He added that first-time…