Latest figures show that prices in the UK have reached their highest annual growth rate since January 2015.
According to Nationwide Building Society’s House Price Index, the average price of a house in the UK for November was £229,721 – a month-on-month rise of 0.9 per cent (up from £227,826) and an annual growth rate of 6.5 per cent. There has also been a rise when comparing the past quarter to the previous quarter of 3.7 per cent.
Prices continue to rise through Lockdown 2.0
Nationwide’s Chief Economist Robert Gardner commented on the figures: ““Annual house price growth accelerated from 5.8% in October to 6.5% in November – the highest outturn since January 2015. House prices rose by 0.9% month-on-month in November after taking account of seasonal effects, following a 0.8% rise in October.
“Despite these (current) headwinds, housing market activity has remained robust. October saw property transactions rise to 105,600, the highest level since 2016, while mortgage approvals for house purchase in the same month were at their highest level since 2007 at 97,500.”
A helping hand supporting a thriving market
As we head towards the end of what has been a turbulent year for the UK, homebuyers can still prosper from using Government-backed incentives to support them in taking their next step on the housing ladder.
Introduced in July, Rishi Sunak’s “stamp duty holiday” in England has cut stamp duty rates by increasing the threshold to £500,000 for when the tax is payable, whilst in Scotland Land and Buildings Transaction Tax (LBTT) won’t need to be paid on house sold for less than £250,000.