ONS House Price Index: UK House Price hit record highs in December 2020
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The ONS (Office of National Statistics) monthly house price index for December has just been released, and shows the following: UK average house prices increased by 8.5% throughout 2020The average UK house price now stands at a record high of £252,000 (the highest annual growth rate we've seen since late 2014)The North West was the English region to see the highest annual growth in average house prices (11.2%), while London saw the lowest (3.5%).
Summary of this week's release
The ONS (Office of National Statistics) monthly house price index for December has just been released, and shows the following:
- UK average house prices increased by 8.5% throughout 2020
- The average UK house price now stands at a record high of £252,000 (the highest annual growth rate we've seen since late 2014)
- The North West was the English region to see the highest annual growth in average house prices (11.2%), while London saw the lowest (3.5%).
What do the figures mean?
A bold finish to the year with UK house prices up by far more than anyone could have expected. A relief for homeowners but not so much for the hard-pressed, would-be first-time buyers who are now technically £13,000 or so worse off than this time last year. See our research piece for this week, which reveals that first-time buyers face a decade of saving to get on the ladder, as house price growth adds years to saving timeline
The question is, can this rate of growth be sustained as furlough drops off and unemployment rises? The property market is surely set to become less certain over the coming months and this will no doubt be reflected in both market activity levels and price growth.
Stamp Duty holiday has also had an impact
The contribution that the Government's stamp duty incentive has made is also a pertinent question - and we'll learn in the Chancellors budget next week whether the deadline is being extended beyond 31st March, or whether it's finished for now.
The incentive has created a rush into the property market, as buyer scramble to complete in time to secure the saving. This has led to huge backlogs, in turn leading many to opt for secondary options, including services such as ours which help home owners sell their house fast, for example to secure on onward purchase after a chain collapse.
Is this in line with other indices?
We've written about recent house price releases from Rightmove and Halifax. The ONS figures do lag behind - and the others are already showing signs of a slowing market.
The full release can be found here:
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