House Price Growth Reaches 5 Year High
Monthly price growth in November 2020 surged 6.5%; its highest rate since January 2015, as heightened activity continues in the UK property market.
Property prices in the UK increased by 6.5% in November 2020. This is the highest monthly rate of growth on Nationwide’s House Price Index since January 2015.
Pent-up demand, and a desire to complete purchases before the end of the stamp duty holiday in England and Northern Ireland. This activity is driving market prices.
Read More: Stamp Duty Holiday
The UK property market continues to soar leading to s strong finish to 2020. Traditionally, the property market sees a slow down toward the end-of-year. However, the latest figures from Nationwide show that there is no sign of a market slowdown. Activity within the property market continues unabated.
House Price Growth Reaches 5 Year High, According to the latest Nationwide House Price Index. The average property prices in the UK increased by 6.5% in November 2020. This represents growth of 5.8% over October and is the fastest monthly growth recorded by the Index since January 2015.
It continues a trend of strong monthly performance in the second half of the year, as the market ‘reopened’ following the end of the first national lockdown in June.
Pent-up demand, as buyers and sellers complete delayed moves, continues to ensure the market will remain busy right up until the end of the year.
Furthermore, the end of the stamp duty holiday in England and Northern Ireland in March 2021 has also encouraged more people to press ahead with transactions. Miles Robinson, Head of Mortgages at online broker Trussle, explains:
“This growth has likely been driven by demand from buyers eager to take advantage of the stamp duty holiday. Which is an attractive incentive to buy a new home during what has been a challenging period for many.”
In an unprecedented year which has impacted investment markets globally, UK property continues to demonstrate the resilient qualities its renowned for in times of wider uncertainty.