"Since then, new buyer enquiries have fallen but the determination to take advantage of the stamp duty holiday has not."
This is the highest annual growth rate the UK has seen since October 2016, with prices now at a new record high of £245,000.
Average house prices increased over the year in England to £262,000 (5.4%), Wales to £176,000 (5.8%), Scotland to £163,000 (6.0%) and Northern Ireland to £143,000 (2.4%).
England, Scotland and Wales all saw record high average prices in October 2020. Northern Ireland's average house price in Q3 2020 is the highest since Q4 2008.
The East Midlands, North West and Yorkshire and The Humber experienced the joint highest annual growth in average house prices at 6.6%. The lowest annual growth was in the East of England, where average prices increased by 3.4% over the year.
On a non-seasonally adjusted basis, average house prices in the UK increased by 0.7% between September and October 2020, compared with a decrease of 0.3% in the same period a year ago.
On a seasonally adjusted basis, average house prices in the UK increased by 0.9% over the month, following an increase of 1.5% in the previous month.
Jeremy Leaf, north London estate agent and former RICS residential chairman, commented: "These most comprehensive of all the housing market figures confirm what others have been saying, not least because they are a little dated, reflecting activity from a few months ago. At that time, prices were rising quite strongly but beginning to slow in response to fears over further lockdown restrictions, which proved accurate.
"Since then, new buyer enquiries have fallen but the determination to take advantage of the stamp duty holiday has not.
"Looking forward, there does not seem to be any sign of a huge correction although inevitably disappointing economic news is bound to have some bearing as 2021 develops."
