The UK housing market has experienced yet another impressive gain. November data revealed the strongest five month gain since 2004. Home values increased 6.5% since June, with the cost of an average home rising £3,000 according to Halifax. The average house price is £253,243, which has shown an increase of more than £15,000 since the end of June.

The strong demand for property purchases is thought to be fueled by home buyers seeking to take advantage of the current stamp duty holiday. It might also be due to those seeking a more suitable home for their pandemic lifestyle which has required a more appropriate space in which to work, study, and for home entertainment.

The current November 1.2% increase is more remarkable when you consider that it is line with a second pandemic lockdown and results in an almost a £100 a day increase last month.

The stamp duty holiday allows buyers up to the value of property at £500,000 in England and Northern Ireland pay no stamp duty through till 31 March 2021. Those buying homes above the threshold of no stamp duty are still allowed a reduced rate property tax.

Russell Galley, Halifax’s managing director, remarked on the currently released data saying, “The current market continues to be shaped by a desire for more space, the move from urban to rural locations, and indications of a trend for more homeworking in the future.

“The housing market has been much more resilient than many predicted at the outset of the pandemic and, indeed, many households remain confident about further price growth next year.”