House prices continued to climb in November despite the second national lockdown according to the latest e.surv Chartered Surveyors’ House Price Index.
The average house price across England and Wales rose by 1% between October and November 2020.
As a result of the rise, the price of the average property in England and Wales at the end of November was £319,816.
On an annual basis, the average price of a property increased by 5.8%.
The South West saw the greatest rise year-on-year, up 6.4%, resulting in the average property price in the region being £311,221.
Meanwhile, the North East reported the lowest annual rise, up 3.1%. The average property price in the region was noted at £172,706.
Richard Sexton, director at e.surv, said: “While we are seeing the rapid growth in house prices begin to slow month on month, prices are still up significantly year on year.
“The data shows that the average house price in November 2020 was 5.8% higher than in November 2019, making this a record-breaking year for yet another reason.
“This increase in prices continues to be fuelled by the Stamp Duty tax break, which will continue until 31st March 2021.
“Promisingly, the second lockdown in England appears to have had little impact on prices through November.
“It is great to see that the right lessons were learnt from the first lockdown and the industry has continued to adapt and make use of tech, to support homebuyers in a sensible and safe manner.
“At e.surv, we remain focused on providing an effective and safe service to allow business to continue as usual.
“As England enters the tiered system, and Wales considers another lockdown, we will continue to work to ensure surveyors, lenders and borrowers have the technology available to overcome hurdles caused by the coronavirus crisis and continue to process the increased amount of mortgage and remortgage applications we are seeing at present.”