According to the latest Nationwide House Price Index, November 2020 saw a record rise of 6.5%pa for UK house prices, which is the highest increase rate since January 2015.
In addition, after taking into account seasonal adjustment factors, prices are up 0.9% month-on-month.
The average UK house price for November 2020 is £229,721 up from £227,826 in October.
Figures show that economic recovery had slowed. Tighter restrictions and a rise in coronavirus infection rates resulted in a further hit to growth in October. Despite this, October property transactions rose to 105,600 which is the highest level since 2016 and mortgage referrals were at their highest level since 2007.
The outlook remains uncertain and will depend on containing the pandemic and may slow again once the stamp duty holiday expires at the end of March.
Stamp duty holiday expiration, recession and redundancy will hit the property market in 2020 with some commentators predicting a 10%+ fall from these 'dizzy' November heights.