U.K. home prices grew at a blistering pace in November, rising 6.5% over a year ago—the fastest growth rate since early 2015, according to new data Tuesday.
The home-price data from lender Nationwide captures a month in which England declared new coronavirus lockdown measures that kept the real estate industry open but shuttered a great deal of social and economic activity in the country. Nevertheless, the average home price across the U.K. in November was up nearly a full percentage point from the month prior, as roaring housing demand continues to show little sign of letting up.
The average U.K. home cost £229,721 (US$308,124) last month, roughly £14,000 more than a year ago, according to Nationwide.
The price index comes a day after figures from the U.K.’s leading banks showed monthly mortgage approvals for home purchases soared to the highest level in over a decade in October, according to a