The biggest yearly gains were seen in London, where prices rose 9.7 per cent, giving an average property price of £513,997
UK house prices rose 7.6 per cent on an annual basis in November 2020, data from HM Land Registry shows.
It adds that between October 2020 and November 2020, the average house price in the UK grew 1.2 per cent. This means that the average property is now valued at £249,633.
London was home to the biggest yearly gains, where prices rose 9.7 per cent, giving an average property price of £513,997.
Meanwhile, the average house price in England rose 7.6 per cent annually, meaning the average property value came in at £266,742.
In Wales, house prices 7 per cent in the same time frame, meaning prospective buyers and seller are now looking at average prices of £180,229.
Of all regions measured, the East of England saw the lowest annual price growth in November 2020, although this still came in at 4.8 per cent.
Despite these high headline figures, some in the industry are pleading for caution. MT Finance commercial director Gareth Lewis says: While price rises are gratifying for homeowners, these consistent increases in values are storing up problems for the future. How are first-time buyers in particular going to get on the housing ladder without significant help from the Bank of Mum and Dad?
He says, incomes are rising but not at anything like the pace of house prices. We welcome the demand to move and transact but there are longer-term issues that the government needs to address at some point.
And Kelly Williams UK chief executive Ben Taylor says: Although homebuyers have remained focussed on the current stamp duty holiday, the underlying issue of mortgage availability has been growing in the background.
Williams says, many buyers have been scrambling to purchase and finding that they’re simply not in a strong enough position to do so financially, as lenders tighten their lending criteria, particularly for those with a larger degree of financial instability.
