New record as average house prices rise 11.8% 

November 9, 2021

Enable’s IFAs once again clock that the average UK house prices have increased again. This time by 11.8% over the year ending in September 2021, meaning it is up from 10.2% in August, according to the UK House Price Index from the ONS and Land Registry.

The average UK house price rose to a new record high of £270,000 in September, £28,000 higher than the same time last year. Enable’s IFAs know if you are looking to buy your first home this can make things harder but for those already on the ladder is just a matter of relative prices depending on where you want to live.

“Talk of a seasonal correction is premature and, despite suggestions to the contrary, these figures demonstrate that market activity remains positive,” says UK House Price Index. They say that the average house price increased over the year by 11.5% in England, 15.4% in Wales, 12.3% in Scotland, and 10.9% in Northern Ireland.

Emma Cox, sales director at Shawbrook Bank, commented: “It is clear that house prices continue to be underpinned by a chronic lack of supply which shows no sign of abating. However, amid speculation that December may see the Bank of England finally decided to pull the trigger and raise the base rate to combat inflation, we could see a slowdown in demand – particularly at the lower end of the market.”

Kevin Roberts, director at Legal & General Mortgage Club, added: “A rush to beat the stamp duty holiday deadline has kept the housing market busy, with low mortgage rates and a desire amongst buyers for homes with more space driving considerable demand. The tapering of the tax break has also encouraged international buyers, in particular, to press ahead with their plans to purchase property. ”

Enable’s IFAs in Bishops Stortford can help you look for securing the finance on your home where ever you currently are in the housing market.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

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