House price growth rebounds to 2.2%
UK house prices increased by 2.2% in the year to November, up from 1.3% in the year to October, according to the latest UK HPI data from the ONS.
House prices increased by 1.7% over the year in England, up from 1.1% in the year to October.
House prices rose 7.8% in Wales, up from the 3.6% annual growth recorded in October. The research shows that the rise was driven by a shift towards higher-value property being transacted in areas typically with a larger volume of transactions and higher monthly growth, such as Cardiff and Newport. A fall in prices during the same period in 2018 has also contributed.
Average house prices in Scotland increased by 3.5% over the year, up from 1.7% the previous month, and prices in Northern Ireland increased by 4.0%.
At a regional level, the West Midlands was the English region with the highest annual house price growth, with prices increasing by 4.0% in the year to November 2019. This was followed by the North West, increasing by 3.8%.
The lowest annual growth was in the East of England, where prices fell by 0.7% over the year to November 2019. This was followed by London, where prices increased by 0.2% over the year.
Mark Harris, chief executive of mortgage broker SPF Private Clients, commented: “While the November data is interesting, what we are really interested in seeing is what happened in December and what is happening in January and beyond. The election has given the market the kick-start it needed with more positivity and confidence in all quarters. Talk is no longer of Brexit and while it still needs resolving, it is refreshing for attention to finally turn to other matters.
“The year to November saw average property values rise again, supported by limited stock. London house price growth was positive for the first time in a while suggesting that the market is finally starting to rally. However, London certainly remains the most expensive place to buy a home even with the price corrections we have seen in recent months.”
Source: Financial Reporter