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Financial News: UK House Price Inflation Highest Since Mid-2016

UK House Price Inflation Highest Since Mid-2016

01/20/2021 - 07:14:00 (RTTNews)

(RTTNews) - UK house prices grew at the fastest pace in more than four years in November as homebuyers reassessed their housing preference amid the coronavirus pandemic, the Office for National Statistics reported Wednesday.

House prices increased 7.6 percent year-on-year in November, faster than the 5.9 percent rise in October. This was the fastest growth since June 2016.

House prices rose to a record GBP 250,000 in November. London's average house price surpassed GBP 500,000 for the first time in November.

On a seasonally adjusted basis, average house prices gained 1.4 percent month-on-month, following an increase of 1.5 percent in October, data showed.

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