Average house price hits record £287,000 in October

Prices in the province have risen but are still well below pre-crash levels
Prices in the province have risen but are still well below pre-crash levels

House prices surged to another record high of £287,000 across the UK and hit the £300,000 mark in England for the first time on average in October, according to official figures.

Across the UK, typical property values climbed by £1,000 month on month, from a previous record of £286,000 in September, according to the Office for National Statistics (ONS).

UK property values were seven per cent higher than a year earlier, accelerating from annual growth of 6.1 per cent in September.

However, prices in Wales, Scotland and Northern Ireland all sat below their all-time highs in October.

In England, average house prices also edged up by £1,000 on the previous month - to stand at a new record high of £300,000.

House prices in England were 7.4 per cent higher than a year earlier, with the growth being driven by the East and the South East, which saw property values increase by 10.4 and 9.5 per cent respectively.

In London, the average house price is now £531,000, after increasing by 7.7 per cent over the last year.

In Wales, property values edged up by one per cent year on year to reach £174,000 on average.

The index for Wales is just 0.3 per cent below the record level seen in January.

In Scotland, house prices increased by 0.9 per cent annually to reach £196,000 typically. House prices in Scotland are around fiver per cent below their record levels seen in March this year.

Northern Ireland has seen house prices leap by 10.3 per cent over the last year, which is similar to the level of house price growth seen in the East of England.