E.surv’s latest Chartered Surveyors’ House Price Index found that, on average, house prices across England and Wales increased by 1% month on month between October and November 2020.
This was an average annual increase of 5.8%.
The report also found that average house price in England and Wales was £319,816 at the end of November.
Richard Sexton (pictured), director at e.surv, said: “While we are seeing the rapid growth in house prices begin to slow month on month, prices are still up significantly year on year. The data shows that the average house price in November 2020 was 5.8% higher than in November 2019, making this a record-breaking year for yet another reason. This increase in prices continues to be fuelled by the Stamp Duty tax break, which will continue until 31st March 2021.
“Promisingly, the second lockdown in England appears to have had little impact on prices through November. It is great to see that the right lessons were learnt from the first lockdown and the industry has continued to adapt and make use of tech, to support homebuyers in a sensible and safe manner.
“At e.surv, we remain focused on providing an effective and safe service to allow business to continue as usual. As England enters the tiered system, and Wales considers another lockdown, we will continue to work to ensure surveyors, lenders and borrowers have the technology available to overcome hurdles caused by the coronavirus crisis and continue to process the increased amount of mortgage and remortgage applications we are seeing at present.”