The average UK house price reached a record high of £252,000 in December 2020, official figures show. Property values surged by 8.5% year on year - marking the highest annual growth rate since October 2014, the Office for National Statistics (ONS) said.
The stamp duty holiday due to end this March contributed to the rise, the ONS added. It said working from home also triggered a rise in people searching for more space.
Over the course of the year, detached property prices rose by 10% - double the 5% rate at which the average price of flats and maisonettes increased.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: "The housing market continued at full speed ahead as we approached the end of the year.
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