Featured in Mortgage Finance Gazette
House prices have
hit the quarter of a million milestone following a surge in growth of 7.6% over
the year to November, data from the Office for National Statistics (ONS) has
revealed. The UK House Price Index, based
on information from HM Land Registry, shows there was as 5.9% rise in prices
between October and November last year which is the highest annual growth rate
since June 2016.
The average house prices in the UK is now
£250,000. Focusing in on the regional picture, England saw average house prices
increase over the year by 7.6% to £267,000 while in Wales they grew 7% to
£180,000. In Scotland the average property was £166,000 in November following
in increase of 8.6% and Northern Ireland experienced a 2.4% increase which
pushed prices up to £143,000 on average.
In London the average house price surpassed
£500,000 for the first time following growth of 9.7% over the year.
Iain McKenzie, CEO of the Guild of
Property Professionals, said: “The record high in average UK
house prices in November underlines the astonishing level of demand triggered
by the Stamp Duty holiday.
“The lure of significant tax savings took a
market that was already full steam ahead due to pent-up demand and sent prices
even higher.
“Our members all reported unprecedented
levels of activity during the closing stages of 2020. The usual
seasonal slowdown simply did not materialise.”
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