The average house price has gained £15,000 over the past year.
One in every 16 private homes in Britain will have been sold this year in the busiest property market since the financial crisis.
Huge buyer demand depleted the number of homes for sale to 40pc below the five-year average and continued to push up prices, according to the property website Zoopla.
The average house price jumped by 6.9pc in the year to October. This is significantly more than the 3.5pc annual growth recorded in the same month last year, when the stamp duty holiday had already been in place for four months.
Soaring house price growth has eased slightly, however, from the 7pc growth recorded in August and September.
The average home now costs £240,000, having gained £15,500 in value in the past 12 months.
By Rachel Mortimer (Daily Telegraph) 29 November 2021 • 6:00am
Photo by James Feaver