Highest annual house price rise in five years reported

December 10, 2020 by Heidi

House Prices

The housing market in the UK experienced its highest annual rise in prices for half a decade during November, the latest figures published by Nationwide reveal.

These figures show that the average price of a home went up by almost 1% last month, with this being made more remarkable by the fact that it coincided with England going into another lockdown, and many other parts of the UK having tighter COVID-19 restrictions imposed. Nationwide indicated that this rise, which took year-on-year house price inflation to 6.5%, was the highest it has been in over five years.

It is further evidence that the property market is continuing to bounce back very well from the effects of the pandemic and the period during the spring where it was effectively closed down. It also comes in the wake of the Bank of England figures that showed mortgage approval levels for October were the highest since 2007.

Furthermore, building companies like Taylor Wimpey have been reporting turnover above expectations.

Speaking to Housing Today, FJP Investment CEO Jamie Johnson said:

“After the UK began its second national lockdown, some feared the property market would grind to a standstill in November, just as it did during the first.”

Johnson added that the subsequent rise in prices show the strength of the market and how attractive an investment property in the UK is.

This is welcome news at the end of a difficult year, and it will make taking a CeMAP mortgage advisor course an appealing career option for many.