House prices have increased for a fifth straight month, with growth now reaching a 15-year high. House prices have surged by £33,816 since the pandemic began, with the new national average hitting £272,992, according to Halifax’s latest house price index.
House prices in the UK increased once again last month with the value of the average property increasing by a further one percent, equating to £2,808 in monetary terms. November is the fifth month in a row that average house prices have risen with typical values up by almost £13,000 since June 2021. Compared to this time last year, house prices have increased by more than £20,000.
Since the coronavirus pandemic began in March 2020, house prices have risen by a staggering £33,816 – an average of £1,691 each month.
Russell Galley, Managing Director at Halifax said a lack of housing stock continues to strengthen the market.
Mr Galley also said first time buyers are playing an “important role” within the property market with annual house price inflation for first time buyers at 9.1 percent compared to 8.8 percent for home-movers.
The property expert continued: “We see this across different property types too, with double-digit annual price inflation for flats (+10.8 percent) over the last year compared to slower gains for detached properties (6.6 percent).
“This could suggest the ‘race for space’ is becoming less prominent than it was earlier in the pandemic, with industry data also showing the overall number of completed transactions has fallen back since the end of the Stamp Duty holiday.
“Looking ahead, there is now greater uncertainty than has been the case for quite some time, with interest rates expected to rise to guard against further increases in inflation.
“Economic confidence may be also be dented by the emergence of the new Omicron virus variant, though it remains far too early to speculate on any long-term impact, given insufficient data at this stage, not to mention the resilience the housing market has already shown in challenging circumstances.