New figures have found that the average property price in the UK jumped 10% in the year to November 2021.
In November, the average home cost £271,000, which is £25,000 higher than the same period a year previously.
The November house price was up from 9.8% in October.
“The performance has been remarkable despite the seismic impact of the pandemic, which though highly disruptive, has actually sparked even higher demand across the property market,” said Jamie Johnson, CEO of FJP Investment.
“The picture might look a little different in 2022. Homebuyers’ ‘race for space’, combined with the shortage of available properties, have fuelled relentless levels of activity; however, while buyer demand remains strong, rising interest rates are looming and inflation keeps climbing, which could have a slight cooling effect on the market in the coming months,” he added.