“Following a strong start, the first half was dominated by the restrictions on movement due to COVID-19, and prices were subsequently down 0.5 percent at mid-year as the market effectively ground to a halt.
“However, when the market reopened, prices soared as a result of pent-up demand, a desire amongst buyers for greater space and the time-limited incentive of the stamp duty holiday.
“All of this has left average prices sitting some six percent higher at the end of 2020 when compared to December 2019, a notably strong performance given the anticipated impact of the pandemic earlier in the year.
“Whilst the annual rate of house price inflation did fall compared to November, when it was 7.6 percent, to stand at its lowest level since August, it should be noted that this also reflects a particularly strong period for house prices towards the end of 2019 as political uncertainty at that time began to ease.”