U.K. House Prices Rose 7.6% in the Year to November

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.

U.K stocks and the dollar are currently gaining. FTSE 100 is up 0.41%, GBPUSD is up 0.15%