House prices in England and Wales increased by 0.8% in November with values climbing across all regions taking the average price to £280,733, making annual growth the strongest it has been for almost a decade.
Annual house price growth across England and Wales has more than doubled over the last 12 months, accelerating from 5.4% in November 2013, to 11.3% during the past year. Figures are spurred on by London and the South East, where the housing recovery has been fast tracked but even when these regions are removed from the calculations, the rise remains a healthy 5.7%.
After a solid advance in activity throughout 2014, completed house sales fell slightly last month, from a particularly busy October, but this doesn’t undermine the strength and stability of the growth in activity experienced over the year as a whole in some locations. Changes to Stamp Duty should also allow activity to build further at the bottom rungs of the property ladder, as it removes some of the upfront costs of buying a home for the significant majority of buyers and sellers.