House prices up 6.5%

Figures from Nationwide show that house prices are 6.5% higher than a year ago, with this the steepest increase since January 2015. Month-on-month, prices climbed 0.9% in November, hitting an average of £229,721. Nationwide research shows properties in national parks carried a 20% premium when sold, with homes on the outskirts of these areas also selling for 6% more than equivalent property elsewhere. Looking to what the future holds, Nationwide chief economist Robert Gardner said that the outlook remained “highly uncertain” and suggested housing market activity is likely to slow in the coming quarters, especially once the stamp duty holiday expires at the end of March 2021. Elsewhere, Halifax’s house price sentiment tracker showed that confidence in the UK housing market cooled in November. Just 14% of people surveyed said that they believed their home had become more valuable this month, compared with 17% in September and October.

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