The property market has continued growing over the last year, demonstrated by the ten per cent increase in house prices.
According to the latest findings from the Office for National Statistics (ONS), the average cost of a property in the UK was £270,708 in November 2021. This is £24,643 more expensive than they were the previous November at £246,065, representing a rise of one-tenth of the original value.
This is also an increase in annual price growth from the preceding month when it was 9.8 per cent.
The region that experienced the greatest rise in house prices was the south-west where costs jumped 12.9 per cent from November 2020 to 2021. However, the market was less changeable in London, with values only increasing by 5.1 per cent over the year in the capital.
Detached properties made the greatest gains, with values climbing by 13.9 per cent over the 12 months, whereas flats or maisonettes only saw increases of 5.6 per cent on average.
This could be the result of homebuyers looking for larger houses these days, as more people combine domestic and work life within their properties. Therefore, trying to find a house that can fit a home-office has meant demand for detached homes has surged, pushing prices up.
However, the price inflation gap between flats and detached properties could start to close, as Halifax’s managing director Russell Galley recently noted: “The ‘race for space’ is becoming less prominent than it was earlier in the pandemic.”
Following the end of the work-from-home order earlier this week, the demand for properties with office space could begin to wane, reducing demand for larger properties.
For help with your property search, give estate agents in Hackney, London, a call today.