The average UK house price recently rose over £250k for the first time.

The housing market continues to face a mini-boom with a significant rise in buying and selling.

Over the past few months, the housing market has gained steam with a surge of activity. This has led the average UK house price to hit £250,456, a new record high, according to the recent house price update from Halifax.

The latest quarter, from August to October, saw house prices rise 4% higher than the preceding quarter. Additionally, the average UK house price increased by 7.5% in October 2020 compared to the same month in 2019. This rise features the strongest growth since June 2016.