Across the UK the average house price has passed the £250,00 mark for the first time ever. 

The news comes after Nationwide Building Society announced a 9.9% annual increase with house prices in October reaching £250,311. 

Nationwide's chief economist, Robert Gardner said that houses prices had increased by £30,728 since the start of the pandemic in March 2020. 

But although prices have risen, there is still a strong demand for homes even with the end of the stamp duty holiday back at the end of September. 

Mr Gardner added that although "mortgage applications remained robust at 72,645 in September, more than 10% above the monthly average recorded in 2019. Combined with a lack of homes on the market, this helps to explain why price growth has remained robust."

However, the chief economist has said that there are some factors that suggest the pace of house buying may slow down, due to the withdrawal of Government support measures and interest rates increasing. 

Saying that "Investors expect bank rate to be increased from its current record low of 0.1% before the end of the year – most likely to 0.25% or 0.5% – and perhaps reaching 1% within a year, though markets project they will remain close to that level in five years’ time".

But Mr Gardner did also imply that as long as "the economy does not weaken significantly, the impact of a limited rise in interest rates on UK households is likely to be modest".