Homeowners will be pleased to find out their properties are likely to have risen in value by 2.2 per cent over the last year.
This is according to the recent figures from HM Land Registry, as revealed in its UK House Price Index Summary: November 2019.
The report showed the average price of a home in the UK was £235,298, increasing by 0.4 per cent from the previous month.
As property values fell by 0.4 per cent during the same monthly period in 2018, this is a positive sign for the UK house market.
Wales experienced the highest growth rate, with prices rising by 7.8 per cent between November 2018 and 2019. However, the East of England did not have the same success, as values dropped by 0.7 per cent during the same timeframe.
London houses saw their prices rise by 0.2 per cent over the 12-month period, which is better than in previous months when values had been falling.
Indeed, figures revealed assets in the capital declined in price by 1.6 per cent between October 2018 and 2019.
Similarly, London prices dropped by 0.4 per cent from September 2018 to the same month last year.
November’s statistics meant that London properties were worth £475,458 on average, dropping by 0.5 per cent over the month, despite the annual growth.
While the reasons behind the yearly improvement are not known, many property owners might have decided to make changes to their house in order to boost its value.
Something as simple as fitting luxury internal doors and giving the house a fresh lick of paint could have a big impact on its worth.