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Official: UK property prices up 2.2% in year to November

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House prices inched up in November, but what will happen to the housing market in 2020?
Official: UK property prices up 2.2% in year to November

The average price of a property in the UK was £235,298 according to the Office for National Statistics.

It found that the annual price change for a property in the UK was 2.2% in November, as prices crept up 0.4% over the month.

The official UK House Price Index also reported that growth was strongest in Wales where prices increased by 7.8% over the year – record growth.

The lowest annual growth was in East of England, where prices fell by 0.7% over the year to November 2019, followed by London where prices increased by 0.2% over the year.

Founder and CEO of Stone Real Estate, Michael Stone, said: “The latest figures demonstrate a property market that continues to defy the wider economic landscape and rebuild on the form of more buoyant years gone by.

“This growth continues to be led by the new build sector, with buyers opting for new builds less wary of future price decline due to the better quality of these developments. This continued optimism is seeing new build price growth far outstrip that of the regular market and this is a trend that will no doubt continue.”

David Westgate, group chief executive at Andrews Property Group, added: “The fact that this growth came before Boris Johnson’s landslide win bodes well for the year ahead.

“There is a huge amount of pent-up demand in the market and we are already seeing it start to come through. Crucially, even aspirational movers are coming back to the market, which underlines how sentiment has improved.

“Given this week’s weak GDP data and Wednesday’s fall in inflation, an interest rate cut is also now on the cards for January, which could further stimulate demand.”

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