
November saw further rise in UK house prices
January 24, 2023 by Heidi
House Prices
November of last year saw another significant spike in the average price of a home across the UK, according to the latest figures to be released by the Office for National Statistics (ONS).
Based on this ONS data, average prices rose by 10.3% during that month, although this still represents a dip compared with the 12.4% year-on-year increase experienced in October of last year. The monthly figures, factoring in seasonal adjustment, show a rise of 0.1% in average house prices for the UK. By comparison, the rise for October was 0.5%.
It meant that the average price for a UK home in late 2022 hit £295,000. That is an increase of £28,000 on the average price for the same month the year before. England saw the highest rise, by 10.9%, which left the average price there at £315,000.
Wales came next, with a 10.7% annual rise and a price tag of £220,000. The average price of a home in Northern Ireland also went up by 10.7% during November, taking it to £176,000, while in Scotland there was a 5.5% increase leading to an average price of £191,000.
Sarah Coles from Hargreaves Lansdown said that because it can take up to three months to conclude the sale of a property, the November figures reflected the state of the housing market during September and August.
While indicators that the market remains reasonably robust are good for anyone with a CeMAP mortgage advisor qualification, rising prices can leave some clients struggling to get onto the property ladder.
Written by
Heidi
You may also interested in:

House prices return to pre-pandemic levels
The latest figures to be released by the Office for National Statistics (ONS) show that the price of homes throughout Wales and England is now back at
Year starts with slowdown in house prices
The new year has begun with a slight slowdown in house price growth, according to the latest