UK house prices rose at the fastest pace since 2015 in November.
Nationwide figures show house prices soared 6.5% last month, with the average UK house price rising from £227,826 to £229,721.
The housing market has remained strong since the second lockdown, growing by 5.8% in October.
The housing market has boomed this year thanks to pent-up demand from the first lockdown and the stamp duty holiday.
Commenting on the numbers, Nationwide Chief Economist Robert Gardner said: The number of real estate transactions rose to 105,600 in October, the highest level since 2016. ”
“The outlook remains highly uncertain and will largely depend on how the pandemic and containment measures develop, as well as the effectiveness of policy measures implemented to limit the damage to the broader economy. Behavioral changes due to Covid-19 may support activity in the housing market, while the stamp duty holiday will continue to support the economy in the short term by bringing forward purchases.”
“If the labor market weakens as most analysts expect, housing market activity is likely to slow, perhaps sharply, in the coming quarters, especially once the stamp duty holiday expires at the end of March.”
Estate agent Jeremy Leaf said: “Despite continued coronavirus restrictions in October, the possibility of a no-deal Brexit and the possibility of a no-deal Brexit, buyers and sellers “These numbers feel like a storm before a calm as people rush to take advantage of the stamp duty holiday ahead of the March deadline.” Stagnant economic growth.
“That enthusiasm has since been replaced by a quiet atmosphere, but not unlike a determination to complete the previously agreed sale, with or without a stamp duty holiday extension. There are no signs of a major price correction, and activity continues to be supported by a lack of listed stocks and a prolonged period of low interest rates.
