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House prices rise 6.7%
House prices jumped 1.1% in November as the market recovered from post-Brexit referendum uncertainty, according to the Office for National Statistics.
Official figures released today showed house prices grew month-on-month in November by 1.1%. This follows a period of flatlining growth, with monthly increases of just 0.1% in October and 0.2% in September respectively.
The Office for National Statistics (ONS) said: “Housing market indicators for November suggested a period of modest increasing demand and steady growth in price levels.”
It pointed to analysis by the Bank of England showing the “market has recovered following a period of weakness after the EU referendum and stamp duty changes but remains weak in central London”.
The latest figures show the average price of a property in the UK was £217,928 in November, up 6.7% year-on-year.
The highest monthly percentage increase was in the West Midlands, which recorded a 2.2% increase to £181,372. Prices increased everywhere in the UK, with the exception of Wales, which saw a 0.2% decrease.
The figures also showed annual house price growth in London (8.1%) fell behind the East and South East, which recorded increases of 10.5% and 8.6% respectively.
| Country/region | Price | Monthly change | Annual change |
|---|---|---|---|
| England | £234,278 | 1.1% | 7.2% |
| Northern Ireland (Quarter 3 - 2016) | £124,093 | 0.8% | 5.4% |
| Scotland | £143,033 | 1.5% | 3.3% |
| Wales | £146,742 | -0.2% | 4.1% |
| East Midlands | £176,524 | 1.7% | 7.3% |
| East of England | £278,349 | 0.9% | 10.5% |
| London | £481,648 | 1.8% | 8.1% |
| North East | £126,989 | 1.3% | 3.2% |
| North West | £150,249 | 1.1% | 5.2% |
| South East | £313,334 | 0.3% | 8.6% |
| South West | £239,371 | 0.5% | 5.7% |
| West Midlands Region | £181,372 | 2.2% | 7.4% |
| Yorkshire and The Humber | £152,418 | 1.1% | 5.1% |
| Source: ONS |
