So much for the winter lull: UK house price growth jumps again in November

 
Emma Haslett
Follow Emma
Report Warns Average Deposit For First Time Buyers In London To Rise To Over 100,000 GBP By 2020
Price growth jumped in November (Source: Getty)

UK house prices grew 7.7 per cent in the year to November, up from seven per cent the month before, as people rushed to buy homes before interest rates rise.

The east of England led the charge, with price growth of 10.2 per cent, while prices in the south east and London rose 9.8 per cent.

Average selling prices hit £288,000, creeping towards that £300,000 mark.

With the south east and London stripped out, average price growth across the UK was 5.8 per cent in the 12 months to November.

"Although the ONS figures are a little historic, they do reflect the pick up in pace of transactions in the housing market at the end of last year, which has continued into this one," said Jeremy Leaf, the former chairman of the Royal Institute of Chartered Surveyors.

"We expect to see more of the same throughout the spring. ‘However, this is not likely to be a market that is going to run away with itself - we expect things to settle down from mid-March when the market will find a new level, as it will be too late for investors and second home buyers to complete before 1 April to avoid higher stamp duty."

The chancellor has announced a number of measures to cool house price growth, including a hike to stamp duty on higher-priced properties.

However, fear over an impending rise in interest rates has caused prospective buyers to rush through deals in an effort to secure cheap mortgages.

Related articles