Although purchasers are factoring in the higher stamp duty and we often see prices ebb and flow, we expect property prices to continue rising steadily into the new year, and that they will double by 2030.
House price growth picked up in November, adding £2,000 to the cost of a property in one month. Growth had been flat since the EU referendum: the average price was £215,635 in October, little changed from the £215,182 figure for June. But in November, prices rose by 1.1 per cent, to an average of £217,928. This took annual growth to 6.7 per cent in the year to November, up from 6.4 per cent in the year to October, according to the latest figures published by the ONS. Monthly growth was most rapid in London, where prices rose by 1.9 per cent. The average house in London cost £482,000 in November. The average price for renting a house privately rose by 2.3 per cent in the year to December 2016, unchanged for the fifth consecutive month.