The Office for National Statistics has revealed that house prices in the UK increased by 7.6% in the year to November 2020, up from 5.9% in October 2020.
On a non-seasonally adjusted basis, average house prices in the UK increased by 1.2% between October and November 2020, compared with a fall of 0.4% during the same period a year earlier (October and November 2019).
House price growth was strongest in Yorkshire and The Humber and London where prices increased by 9.7% in the year to November 2020. The lowest annual growth was in the East of England, where prices increased by 4.8% in the year to November 2020, up from 4.3% in the year to October 2020.
Jeremy Leaf, estate agent and a former RICS residential chairman, said: “This most comprehensive, though rather historic, of all the various housing surveys still shows buying and selling activity racing ahead. The reality on the ground now is that although many are rushing to meet the deadline, prospective home movers remain in limbo. They are sitting on their hands, partly because of lockdown restrictions but hoping for a stamp duty holiday extension as they know the present backlog would make it increasingly difficult to take advantage.
“Looking forward, I expect a much more balanced market as many of those who have agreed transactions will not make it in time but show little sign now of withdrawing or attempting to renegotiate especially while the shortage of stock continues to underpin prices.”