House prices up by £15,000 in the strongest run of growth since 2004
The average UK house price has increased by more than £15,000 between June and November – marking the strongest run of growth over five months since 2004, according to an index.
This could mean that some home buyers rushing to take advantage of a stamp duty holiday could end up paying more due to the speed of house price growth than they will gain in stamp duty savings.
Typical property values reached £253,243 in November, Halifax said. This was 7.6 per cent higher than a year earlier – marking the strongest annual growth since June 2016.
On a monthly basis, house prices in November were 1.2 per cent higher than in October. Back in June, the average UK house price was £237,834.
Russell Galley, managing director, Halifax, said: “House prices rose by more than one per cent in November, adding almost £3,000 to the cost of a typical UK home.
“At just over £253,000, the average property price has risen by more than £15,000 since June. In percentage terms that equates to 6.5per cent – the strongest five-monthly gain since 2004.
“With mortgage approvals at a 13-year high, the current market continues to be shaped by a desire for more space, the move from urban to rural locations and indications of a trend for more home working in the future.”
A stamp duty holiday, which ends on March 31 2021, is among the factors fuelling housing market activity.