London continues to have the highest house prices in the country, with the average UK house price increasing by more than 10 per cent in the year to November, according to new data released today.
The latest figures from the Office for National Statistics (ONS) show that house prices went up across the nation by 10.3 per cent in the year to November, but this was down from 12.4 per cent in October.
The average property price in England came in at just under £300,000 in November, about £28,000 more than at the same time the previous year.
Prices in England went up almost 11 per cent with the North West experiencing the highest annual percentage increase in the year, at 13.5 per cent, the ONS said.
London had the slowest rate of change at 6.3 per cent, down from 6.7 per cent in October, but average house prices remain the most expensive, reaching an eye-watering £542,000.
There was good news for residents of the capital, however, with London being the lowest region in England when it came to House Price Inflation,
Aimee North, Head of Housing Market Indices at the ONS, said that although annual house price inflation slowed in November, the average UK house price remains higher than the same period a year ago.
Looking ahead to this month, Matthew Thompson, head of sales at Chestertons, said that demand has picked up at the start of this year because “house hunters who paused their search due to last year’s economic uncertainty and no longer want to delay their search.”
“This month so far, our branches noticed a 25 per cent increase in viewings compared to January last year,” he said.
He cautioned, however, that while buyer demand is strong, “the number of market appraisals remains comparably low as some sellers are still observing how the market might be developing in the first quarter of this year.”
Nathan Emerson, Propertymark chief executive, said: “Estate agents in London are reporting buyers agreeing sales at under the asking price, however, agents in the North West are seeing properties sell for asking price very quickly after being marketed, sometimes in a matter of days.”
“Buyers are looking for more affordable properties. If sellers are realistic with their pricing, there are plenty of serious buyers out there that will move quickly.”