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November saw further rise in UK 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.

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