UK house prices are back at double digits.
UK house prices have been on the rise throughout the year.
UK house prices continued to rise in November, again hitting double-digit growth as demand remained strong after the end of the stamp holiday and the labor support scheme.
Median house prices in the UK jumped 0.9% last month, according to data from construction company Nationwide, after a 0.7% rise in October, raising median property values in the UK at £ 252,687. Median home prices are 10% higher than the previous year.
House prices have risen to nearly 15% above the levels seen in March 2020 when the coronavirus pandemic first hit the UK, Nationwide said.
The continued rise in prices appears to be due in part to a reduction in the supply of homes available to buyers. October’s real estate market was the quietest in nearly a decade, according to data from HM Revenue and Customs, as home sales were 28% lower in October than a year earlier after a record spike in activity earlier in 2021.
Recent figures from the Bank of England showed that the number of mortgages approved for the purchase of houses in the United Kingdom fell in October to the lowest level in 16 months.
“There have been some signs of cooling in housing market activity in recent months,” said Robert Gardner, chief economist at Nationwide. He added that this was “almost inevitable” after the stamp duty holiday in England and Northern Ireland ended at the end of September, as shoppers rushed to advance their purchases to take advantage of the tax break, which also caused bigger houses with bigger gardens were more popular.
“Activity has been extremely dynamic in 2021. The number of housing transactions so far this year has already exceeded the number registered in 2020 with two months still to go and is actually approaching the number seen at the same stage in 2007 before the global financial crisis hit.” Gardner said.
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