Monthly price growth in November 2020 surged to its highest rate since January 2015, as heightened activity continues in the UK property market.

Summary:

• Property prices in the UK increased by 6.5% in November 2020
• This is the highest monthly rate of growth on Nationwide’s House Price Index since January 2015
• Pent-up demand, and a desire to complete purchases before the end of the stamp duty holiday in England and Northern Ireland, is driving activity in the property market

UK property continues to set new growth records in the second half of 2020.

There appears to be few signs to suggest that there will be a traditional end-of-year slowdown in the market this year, as activity continues unabated.

According to the latest Nationwide House Price Index, average property prices in the UK increased by 6.5% in November 2020. This represents growth of 5.8% over October and is the fastest monthly growth recorded by the Index since January 2015.

As reported by Property Wire, the average property price in the UK reached £229,721 in November.

It continues a trend of strong monthly performance in the second half of the year, as the market ‘reopened’ following the end of the first national lockdown in June.

Pent-up demand, as buyers and sellers complete delayed moves, continues to ensure the market will remain busy right up until the end of the year.

Furthermore, the end of the stamp duty holiday in England and Northern Ireland in March 2021 has also encouraged more people to press ahead with transactions. Miles Robinson, Head of Mortgages at online broker Trussle, explains:

“This growth has likely been driven by demand from buyers eager to take advantage of the stamp duty holiday, which is an attractive incentive to buy a new home during what has been a challenging period for many.”

In an unprecedented year which has impacted investment markets globally, UK property continues to demonstrate the resilient qualities its renowned for in times of wider uncertainty.