House prices in the South West have grown at their fastest annual rate since 2010, latest data from Nationwide shows.
In the year to June, property prices in the West Country were up 10.4% at an average of £277,603.
Nationally, the cost of homes rose 13.4% year-on-year - the quickest pace since November 2004 - the building society reported.
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It said the average house price increased from £216,403 in June 2020 to £245,432 in the same month this year.
Across the 海角视频, Northern Ireland saw the biggest rise at 14%, with house prices at an average of £163,576, followed by Wales with an increase of 13.4% over the year to £183,728.
Meanwhile, Scotland saw the weakest rate of annual growth at 7.1%, closely followed by London at 7.3%.
Robert Gardner, Nationwide's chief economist, said the market continued to show “significant momentum” and house prices were “close to a record high” relative to average incomes.
He said a potential buyer earning the average wage and saving 15% of take-home pay would now take five years to raise a 10% deposit.
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The economist also said activity was likely to “soften” across the 海角视频 after the stamp duty holiday expired at the end of September.
He said: “Underlying demand is likely to soften around the turn of the year if unemployment rises as most analysts expect, as government support schemes wind down.
“But even this is far from assured. Even if the labour market does weaken, there is also scope for shifts in housing preferences as a result of the pandemic to continue to support activity for some time yet.”
In February, BusinessLive spoke to a number of South West property experts about what the stamp duty holiday extension could mean for house prices in the region in 2021.
Richard Vickery, regional director for the South West at online estate agents Yopa, said his company had experienced “huge volumes” of buyers coming on to the market since January.
He said with the number of homes available for sale in the West Country still low, house prices were likely to continue rising in the region.
"Even when the stamp duty holiday does eventually end, the other drivers of the market will still be in place,” he said.
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“Many people will be reassessing their needs and priorities as the pandemic finally recedes, and moving house will be easier when we are out of lockdown.”
John Watt, owner of property search company X-Press Legal Services Bristol, Bath and Somerset, said demand in the South West was also likely to remain high.
“[This is being] catered by people having economic confidence and wishing to have a home with extra space for a permanent home office,” he explained.
“There will also be a movement out of London and the South East to enjoy the better quality of life in the South West.”
What do you think will happen to the 海角视频 property market? Share your thoughts in the comments section below