Houses Prices In UK Surge As Annual Growth Rises To 10%

In November, house prices in the UK continued to surge with the annual growth rate reaching double digits. However, the market outlook remains unclear amid the uncertainty surrounding the new Omicron Covid-19 variant.

According to Nationwide’s latest house price index, annual house price growth was strong in November at 10%, a figure that slightly exceeds the 9.9% recorded in October. Month-on-month, prices were up 0.9%, taking into account seasonal effects.

While in October the average house price in the UK sat at $250,311, this figure rose to £252,687 in November. 

So far in 2021, the number of housing transactions has already exceeded the number recorded in 2020. The number of mortgage approvals in October sat above the monthly average for 2019. However, there have already been signs of activity in the housing market slowing again. In October, for example, the number of property transactions was down nearly 30% year-on-year.  

It also remains unclear what impact the Omicron variant will have on the country’s economy. Although November saw consumer confidence stabilise, sentiment is still significantly below the levels seen throughout the summer.

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