Average house prices across the UK rose 8.5% in the year to December 2020, the latest data from the Office of National Statistics (ONS) has found.

Published on 17 February, the data showed UK house prices rose at their highest annual rate since 2014 in December, as the effect of government intervention and pandemic lifestyle changes buoyed the property market despite economic uncertainty. Average prices increased 8.5% in the year to December 2020, up from 7.1% in November – reaching a record high of £252,000.

The North West was the region with the highest annual house price growth, with average prices increasing by 11.2% in the year to December 2020. In the Eastern region the report highlighted a 12 month percentage point change of 7%. The lowest annual growth was in London, where average prices increased by 3.5% over the year to December 2020.

Watsons Customer Services Manager Ian Harris said: “prices in our region have been driven by increased demand, as people trapped inside by months of lockdown reassessed what they wanted from their homes. With demand from buyers for more space — both inside and out — outstripping supply, prices inevitably edged upwards. With that in minds its not surprising to see detached homes in North Norfolk outstripping national increases, with a rise of 10.5% in the same period”.