The Office for National Statistics (ONS) has revealed that UK average house prices increased by 10.0% over the year to November 2021, up from 9.8% in October 2021.
The average UK house price was £271,000 in November 2021, which was £25,000 higher than the same time in 2020.
Average house prices increased over the year in England to £288,000 (9.8%), in Wales to £200,000 (12.1%), in Scotland to £183,000 (11.4%) and in Northern Ireland to £159,000 (10.7%).
London continues to be the region with the lowest annual growth at 5.1%, the ONS said.
Kevin Roberts, director at Legal & General Mortgage Club, said: “The end of the Stamp Duty holiday clearly hasn’t done much to dampen demand in the housing market. 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.
“Despite high levels of demand and little change in the housing supply, predicting the trajectory of the housing market in 2022 is not a simple task. Growing inflation and potential further base rate rises in the near future, mean the landscape is looking increasingly complex.
“Many borrowers could benefit from speaking to an adviser, who will be able to help them navigate the year ahead. Doing so could help them find a new deal on their mortgage, particularly if their fixed rate is due to end soon and ensure their mortgage repayments remain fixed for the near future.”
