November House Price Index highlights:
- Prices continue to climb despite the second lockdown
- Unprecedented numbers of locations establish new record prices
- Leicester has highest annual growth of all major conurbations
- Stamp duty holiday continues to support the market
Richard Sexton, director at e.surv, comments:
“While we are seeing the rapid growth in house prices begin to slow month on month, prices are still up significantly year on year. The data shows that the average house price in November 2020 was 5.8% higher than in November 2019, making this a record-breaking year for yet another reason. This increase in prices continues to be fuelled by the Stamp Duty tax break, which will continue until 31st March 2021.
“Promisingly, the second lockdown in England appears to have had little impact on prices through November. It is great to see that the right lessons were learnt from the first lockdown and the industry has continued to adapt and make use of tech, to support homebuyers in a sensible and safe manner.
“At e.surv, we remain focused on providing an effective and safe service to allow business to continue as usual. As England enters the tiered system, and Wales considers another lockdown, we will continue to work to ensure surveyors, lenders and borrowers have the technology available to overcome hurdles caused by the coronavirus crisis and continue to process the increased amount of mortgage and remortgage applications we are seeing at present.”
Summary of regional house prices changes:
About the e.surv House Price Index
The monthly e.surv House Price Index reports on transaction numbers and the changes in average house prices across England and Wales. The Index uses the actual price at which every property in England and Wales was transacted, including prices for properties bought with cash, based upon factual Land Registry data as opposed to mortgage-based prices, asking prices or prices based upon samples.
Note: The e.surv House Price Index was formerly the LSL Acadata House Price Index. Content and methodology are unchanged. Please refer to the Notes at the end of the report for more information.