House prices rise 6.7%
House prices jumped 1.1% in November as the market recovered from post-Brexit referendum uncertainty, according to the Office for National Statistics.
Official figures released today showed house prices grew month-on-month in November by 1.1%. This follows a period of flatlining growth, with monthly increases of just 0.1% in October and 0.2% in September respectively.
The Office for National Statistics (ONS) said: “Housing market indicators for November suggested a period of modest increasing demand and steady growth in price levels.”
It pointed to analysis by the Bank of England showing the “market has recovered following a period of weakness after the EU referendum and stamp duty changes but remains weak in central London”.
The latest figures show the average price of a property in the UK was £217,928 in November, up 6.7% year-on-year.
The highest monthly percentage increase was in the West Midlands, which recorded a 2.2% increase to £181,372. Prices increased everywhere in the UK, with the exception of Wales, which saw a 0.2% decrease.
The figures also showed annual house price growth in London (8.1%) fell behind the East and South East, which recorded increases of 10.5% and 8.6% respectively.
|Country/region||Price||Monthly change||Annual change|
|Northern Ireland (Quarter 3 - 2016)||£124,093||0.8%||5.4%|
|East of England||£278,349||0.9%||10.5%|
|West Midlands Region||£181,372||2.2%||7.4%|
|Yorkshire and The Humber||£152,418||1.1%||5.1%|