House price growth hit a five-year high in November, despite the second lockdown in England, Nationwide has said. Annual house price growth accelerated from 5.8% in October to 6.5% in November - the highest growth since January 2015.
The mortgage lender found the average property value stood at a record high £229,721. House prices rose by 0.9% month-on-month in November, following a 0.8% rise in October.
But despite the rises, the general picture of a smaller economy with rising job losses and stricter Covid-19 restrictions means homeowners shouldn't be popping Champagne corks quite yet.
Nationwide chief economist Robert Gardner said: “The outlook remains highly uncertain and will depend heavily on how the pandemic and the measures to
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