Sunday 24 January 2021

House price rise continues in November, driven by low interest rates


House prices were up by an average 8.9% in November, compared with the same month in 2019, according to new figures from national statistics agency CBS.

The number of properties changing hands was also up, rising 1% year on year, the CBS said.

Average house prices are now 55% higher than March 2013, at the height of the financial crisis and have risen steadily since then. Low interest rates and the shortage of owner occupier homes are among the drivers of the current increase.

Experts expect growth to slacken off next year as coronavirus hits jobs and income as government support is phased out.

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