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Home prices rose £25k in a year in November 2021, ONS says

According to the latest official figures, real estate prices rose by 10 percent annually in November 2021.

This marked a small increase in price inflation compared to October, when prices rose 9.8 percent, according to the Office for National Statistics house price index.

The average house price in November 2021 was £271,000, which is £25,000 higher than at the same time last year.

Climbing: Average UK house price increased by £25,000 in the year to November 2021

Climbing: Average UK house price increased by £25,000 in the year to November 2021

The numbers confirm that house prices continued to rise even after the stamp holiday ended at the end of September 2021.

The tax break, which cut home buyers’ bills by up to £15,000, contributed to rapidly rising prices after it was introduced in July 2020.

This is despite the fact that the cost of a house has increased by £10,000 more than the maximum tax benefit.

The number of housing transactions that took place also increased in November and grew by almost a quarter compared to October, according to HMRC.

However, it was 16.4 percent lower than the number of transactions in November 2020.

This suggests that the slight dip in October after the stamp duty holiday ended may have been a temporary dip.

Increase: house price growth increased in November compared to October

Increase: House price growth increased in November compared to October

Increase: house price growth increased in November compared to October

The average UK house price has risen dramatically since the start of the pandemic

The average UK house price has risen dramatically since the start of the pandemic

The average UK house price has risen dramatically since the start of the pandemic

Phillip Stevens, director of Richmond brokerage Antony Roberts, said: “November was back to business as usual as property prices rose again after the October dip following the end of stamp duties.

“There is ample evidence that buyer demand remains strong, especially for homes, and with relatively little inventory available, it is a home sellers market.”

However, experts said the specter of rising inflation and rises in the cost of living could serve to dampen the housing market later in 2022.

This depends to some extent on whether there are further increases in the Bank of England’s base rate, which would likely drive up the cost of a mortgage.

Mark Harris, chief executive of mortgage brokerage SPF Private Clients, said: “There is further speculation that the Bank of England will raise interest rates by 0.5 percent at its February meeting to curb rising inflation, and it remains to be seen. consider what impact this will have on buyer confidence.

‘Pinched affordability would be a problem, preventing starters in particular from getting on the ladder.’

Looking at the different countries of the UK, house prices in England rose 9.8 per cent over the year to an average of £288,000.

In Wales they grew by 12.1% to £200,000, in Scotland by 11.4 per cent to £183,000 and in Northern Ireland by 10.7 per cent to £159,000.

The Southwest was the region with the highest annual house price growth, with an average price increase of 12.9 percent in the year to November 2021. This was up from 10.8 percent in October 2021.

The lowest annual house price growth occurred in London, where average prices rose 5.1 percent over the year to November 2021, up from 6.7% in October 2021.

Despite being the region with the lowest annual growth rate, average house prices in London remain the most expensive of any region in the UK at an average of £520,000.

Locations: Regionally, the Southwest saw the highest house price increases at 12.9%

Locations: Regionally, the Southwest saw the highest house price increases at 12.9%

Locations: Regionally, the Southwest saw the highest house price increases at 12.9%

The Northeast still had the lowest average house price of £149,000, but prices were still up 8.7 percent in the year to November.

The fact that the number of houses on the market is much lower than the number of interested buyers is another factor that continues to push prices up, along with Britons’ desire to change their housing situation as a result of the pandemic.

Nick Leeming, president of real estate agency Jackson-Stops, said: “Last year turned out to be an astonishing year for the real estate market, with prices and demand exceeding expectations due to the January pandemic.

“While today we are seeing average house prices rise slightly from October, the numbers still reflect a lack of supply in the market and are therefore impacting demand in the year to November 2021.

It is clear that this imbalance between supply and demand will continue to support housing activity in the coming months.

“This is reflected in what we see in our establishments, where the complex and ongoing changes in the country’s work patterns and lifestyle aspirations have only increased the importance Britons place on home ownership.”

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