U.K house prices increased 7.6% to £249,633 in the year to November 2020, up from 5.9% in October 2020, according to the U.K Government press release. Average house prices rose by 1.2% between October and November 2020, compared with a fall of 0.4% during the same period a year earlier.
- House price growth was strongest in Yorkshire and The Humber and London, where prices gained 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.
- The estimated number of residential property transactions with a value of £40,000 or greater was 115,190, up 19.3% from a year ago.
- U.K house transactions rose by 8.6% between October and November 2020.
- Average house prices rose highest in Scotland at 8.6%, followed by England at 7.6%, Wales at 7.0%, and lowest in North Ireland at 2.4%.
- Housing demand was driven by buyers wanting to complete house purchase transactions before the temporary cut in stamp duty ends in March 2021.
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