House prices in the UK continued their upwards climb in November, reaching double-digit growth again as demand remained strong after the end of the stamp duty holiday and the furlough job support scheme.
The average UK house price rose by 0.9% last month, according to data from the building society Nationwide, after an increase of 0.7% in October, taking the average UK property value to £252,687. Average house prices are 10% higher than a year earlier.
House prices have risen to almost 15% above levels seen in March 2020 when the coronavirus pandemic first struck the UK, Nationwide said.
The continuing rising prices appear to be in part down to a reduction in the supply of houses available to buyers. The October property market was the quietest for almost a decade, according to data from HM Revenue and Customs, as house sales were 28% lower in October than a year earlier after a record surge in activity earlier in 2021.
Recent figures from the Bank of England showed the number of mortgages approved for UK house purchases fell in October to the lowest level in 16 months.