U.K. Records Strongest House Price Growth Run Since 2004

U.K. house prices closed 7.6% higher in November 2020 than the same month a year earlier, according to Halifax press release. On a monthly basis, house prices rose 1.2% in November from October’s level above the expected 0.5%. 

• The monthly 1.2% housing price gain adds almost 3,000 pounds to the cost of a typical U.K. home.
• Since June, the average housing price has gained more than 15,000 pounds or 6.5%, the strongest-five monthly gain since 2004 to reach an average price of 253,243 pounds.
• In the September-November quarter, house prices were 3.8% higher than in the preceding June-August quarter.
• Mortgage approvals were at a 13-year high, as the current market continues to be shaped by a desire for more space, move from urban to rural locations, and home working trends.
• Despite agreed sales and new instructions to sell falling to their lowest in the past five months, both remain at historically high levels and above seasonal norms.
• Properties sold to home-movers recorded house price inflation of 7.9% higher than first-time buyers at 5.8% ahead of the approaching stamp duty holiday deadline in March.

U.K stocks are gaining as the pound loses. FTSE 100 is up 0.049%, GBPUSD is down 0.78%