House prices in England and Wales climb 7.8% in 2020

House prices across England and Wales finished 2020 with a 7.8% annual increase, the latest e.surv House Price Index has revealed.

The month of December also saw a 1.4% increase in house price growth, as the index showed that prices have now risen by 51% over the last 10 years.

e.surv’s findings also revealed that excluding London and the south-east, the annual rate of growth reached 8.9% in 2020, as the average house price across England and Wales climbed to £326,762 at the end of the year.

“During 2020, large numbers of people across the UK were confined to their houses for long periods of time, as we battled the pandemic,” e.surv director, Richard Sexton, commented. “This increased emphasis on where we live and where we spend so much of our lives undoubtedly helped focus many people’s minds on the property market.

“The market was further stimulated in July by the introduction of the stamp duty holiday, which is still set to last until the end of March 2021 and continues to fuel activity in the market.

“Taking a longer view, average house prices in England and Wales have increased 51% over the last decade. Even examining house price growth in the context of this time frame, though, 2020 still stands out.

“It’s important to remember that the pandemic which produced such an unusual year is very much still with us. Everyone involved in the property market must continue to operate in a responsible manner, making use of technology where possible to support the industry while putting safety first.”

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