The UK House Price Index has released its figures from November 2020, detailing how prices rose 4% between October and November, with the annual price change in the capital over the year coming in at +9.7%.
In England as a whole, the November data shows on average, house prices have risen by 1.2% since October 2020. The annual price rise of 7.6% takes the average property value to £266,742.
London experienced the greatest monthly price rise, up by 4%, while the East of England saw the lowest monthly price growth, with a fall of -0.3%. London and Yorkshire and the Humber experienced the greatest annual price rise, up by 9.7%, with the East of England also saw the lowest annual price growth at +4.8%.
Price change by region for England
| Region | Average price November 2020 | Annual change % since November 2019 | Monthly change % since October 2020 |
|---|---|---|---|
| East Midlands | £208,662 | 7.1 | 0.6 |
| East of England | £302,624 | 4.8 | -0.3 |
| London | £513,997 | 9.7 | 4.0 |
| North East | £140,248 | 8.3 | 2.6 |
| North West | £180,280 | 8.5 | 0.2 |
| South East | £342,271 | 6.2 | 1.2 |
| South West | £278,391 | 8.5 | 1.1 |
| West Midlands | £213,974 | 6.9 | 1.0 |
| Yorkshire and the Humber | £180,856 | 9.7 | 1.9 |
Estate agency Chestertons said there was “an obvious increase in market activity” in November 2020, with a lot more sellers trying to list their properties compared to the previous year.
Chestertons said that it had carried out 44% more valuations and brought 76% more new properties to the market compared to November 2019. The agency registered 24.6% more initial enquiries, saw 10% more people registering as buyers, and agreed 21% more viewing appointments.
Guy Gittins, managing director at Chestertons, commented on the Land Registry’s new figures:
“The second lockdown no doubt encouraged some people to put their property search on hold, but we didn’t notice a big difference and activity levels were still a lot higher than we anticipated for this time of year. Part of this was driven by the incentive of the stamp duty saving, but we believe the main driver was that people just wanted to move as quickly as possible while conditions were favourable”.
Chestertons also confirmed that the London housing market remained “strong” throughout December, and saw full-year figures reach an eight-year high for property enquiries, buyer registrations, property viewings, offers received and sales agreed.