Official: House prices rose by 2.2% in the year to November

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Average house prices rose in the UK by 2.2% in the year to November which is a monthly increase of 1.3%, the ONS House Price Index has revealed.

The index, which uses data from HM Land Registry, showed the average UK house price was £235,000 in November which is £5,000 higher year-on-year.

On a seasonally adjusted basis, average house prices in the UK increased by 0.6% between October and November.

John Goodall, chief executive and co-founder of buy-to-let specialist Landbay, said: “With UK house price growth in November bucking the traditional pre-Christmas slowdown, the beginning of 2020 is looking rather promising for the housing market.

“The Conservative landslide has kicked off the new year with some much-needed certainty, and even Brexit negotiations look set to turn a page in the coming months.

“As the year progresses, buyers and sellers alike are likely to feel more confident in the property market and looking forward, we expect an increase in transaction volumes.

“Optimistically, we may even see house price growth creep up to keep track with wage growth and inflation.”

House price growth in Wales increased by 7.8% over the year to November, with the average house price being £173,000.

The average house price in Scotland rose by 3.5% over the year to November, up from 1.7% in the year to October.

Meanwhile, the average house price in England increased by 1.7% over the year to November.

This was up from 1.1% in the year to October.

The average house price in Northern Ireland rose by 4% over the year to Q3.

At a regional level, the West Midlands was the English region with the highest annual house price growth, with prices increasing by 4% in the year to November.

This was followed by the North West, increasing by 3.8%.

The second lowest annual growth was in London, where prices increased by 0.2% over the year to November.

The East of England experienced the lowest annual growth, with prices falling by 0.7% over the year.

Mark Harris, chief executive of mortgage broker SPF Private Clients, added: “While the November data is interesting, what we are really interested in seeing is what happened in December and what is happening in January and beyond.

“The election has given the market the kick-start it needed with more positivity and confidence in all quarters.

“Talk is no longer of Brexit and while it still needs resolving, it is refreshing for attention to finally turn to other matters.

“The year to November saw average property values rise again, supported by limited stock.

“London house price growth was positive for the first time in a while suggesting that the market is finally starting to rally.

“However, London certainly remains the most expensive place to buy a home even with the price corrections we have seen in recent months.”

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Written by: Houseladder



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