November brought 10% rise in house prices

January 28, 2022 by Mark

House Prices

The Office for National Statistics (ONS) has revealed that the average price of a house in the UK rose by 10% for the 12 months up to November of last year, compared with 9.8% for the year up to October 2021.

The latest UK House Price Index from the ONS contains these figures and shows that the average price of a home in November last year hit £271,000, which is a rise of £25,000 compared to the same month in 2020. Every part of the UK saw prices rise, with England experiencing a 9.8% rise to £288,000, Scotland an 11.4% rise to £183,000, Wales a rise of 12.1% to £200,000 and Northern Ireland a 10.7% rise to £159,000.

When looked at by region, the year-on-year price growth was slowest in London, where it was 5.1%, but the capital is already the area with the highest house prices.

Speaking to Mortgage Introducer, Legal & General Mortgage Club Director Kevin Roberts stated that demand among buyers had remained very high despite the holiday on paying stamp duty coming to an end. He then went on to add:

“Buyers are still being influenced by mortgage rates that remain low, but also the ongoing impact of the Covid-19 crisis. Many are continuing to take the opportunity to move, whether it’s to find larger properties, or those with home office space or a garden.”

Mortgage advisors with CeMAP training will be finding the continued low mortgage rates among major lenders beneficial at a time when prices are continuing to rise.