Inflation pain to stretch into next year, warns Andrew Bailey

House values recorded double-digit growth in November 2021, with the average property price gaining £25,000 in the space of a year.

My colleague Rachel Mortimer has more:

Values across Britain rose by 10pc in the year to November, up from 9.8pc in October, according to the latest figures from the Office for National Statistics. 

Price tags hit £271,000, slightly lower than September’s record average of £272,273 in the lead up to the final stamp duty deadline.

House prices continued to climb in November, despite predictions the property market would begin to cool once the tax break ended and ahead of the traditionally quiet festive period.

Huge buyer demand, matched with an acute shortage of homes for sale, ensured sellers still achieved their asking price, and above, late into last year