"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."
The index notes the "rapid increase in the average price that has taken place since the end of the first lockdown", with prices up by some £21,000 since the end of June. 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.
58 of the 109 unitary authorities/counties within England and Wales set their own individual record prices in October – indicating that over half of the country is living in areas with prices at their highest levels to date.
November also marks the second consecutive month since February 2016 that all ten English regions have simultaneously set a new record average house price, and the fourth month in a row in which all regions have seen a positive movement in their annual growth rates.
In October, the South West climbed into first place with 6.4% growth, deposing the South East into second position, with growth of 5.9%, followed by the North West, where prices are increasing by 5.8%. The largest increase in price growth in the month was seen in the East Midlands, where rates are now at 4.6%, compared to 3.2% previously.
In October, Leicester recorded the highest annual house price growth at 12.9%, having been in seventh position at 3.4% in August. Merseyside remains in second position for the second month in a row, with growth of 11.2%, followed by Bristol at 9.5%.
Richard Sexton, director at e.surv, commented: “While we are seeing the rapid growth in house prices begin to slow month on month, prices are still up significantly year-on-year. The data shows that the average house price in November 2020 was 5.8% higher than in November 2019, making this a record-breaking year for yet another reason. This increase in prices continues to be fuelled by the stamp duty tax break, which will continue until 31st March 2021.
“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.”
