House price growth accelerated last month to the highest level in almost six years but market activity is at risk of slowing sharply.
Annual prices rose 6.5 per cent in November to an average £229,721, a pick-up on the 5.8 per cent growth in October. Month-on-month prices rose 0.9 per cent, from 0.8 per cent in October.
Despite rising unemployment and signs that the economic recovery lost momentum before the latest lockdowns the market has been buoyed by the stamp duty holiday, which is due to end on March 31 next year. Until then no stamp duty is due on purchases below £500,000; the tax break is worth up to £15,000 for buyers.
Property transactions rose to 105,600 in October, the highest level since 2016, and mortgage approvals for house purchases were at their highest level since 2007 at about 97,500, figures from the Bank of England show.
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