House prices across England and Wales increased by 1% on average between October and November, according to the latest e.surv House Price Index.
The figures reflected an annual change of 5.8% compared to 2019, with a rapid increase in the average price taking place since the end of the first lockdown, and prices up by £21,000 since the end of June.
The index revealed the average house price in England and Wales now stands at £319,816, which establishes a new record level for the sixth time this year.
e.surv director, Richard Sexton, suggested the increase in prices continues to be fuelled by the stamp duty tax break, which will continue until 31 March 2021.
“While we are seeing the rapid growth in house prices begin to slow month-on-month, prices are still up significantly year-on-year,” Sexton said.
“Promisingly, the second lockdown in England appears to have had little impact on prices through November. It is great to see that the right lessons were learnt from the first lockdown and the industry has continued to adapt and make use of tech, to support homebuyers in a sensible and safe manner.
“At e.surv, we remain focused on providing an effective and safe service to allow business to continue as usual. As England enters the tiered system, and Wales considers another lockdown, we will continue to work to ensure surveyors, lenders and borrowers have the technology available to overcome hurdles caused by the coronavirus crisis and continue to process the increased amount of mortgage and remortgage applications we are seeing at present.”
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