UK house prices rose to new high in November

House prices surged to another record high in November as values rose by 5.4% year-on-year across the UK and by more than double this rate at 11.6% in London, official figures show

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House prices surged to another record high in November

House prices surged to another record high in November as values rose by 5.4% year-on-year across the UK and by more than double this rate at 11.6% in London, official figures show.

The average property price now stands at £248,000 and this marks the third time in just four months that the Office for National Statistics (ONS) index has hit a new peak, after records were reached in both August and October last year.

Prices rose by 0.5% month-on-month in November, following a stronger 1.4% rise in October. London recorded the strongest annual growth in prices but every region saw annual increases, with prices in the South East seeing the next biggest year-on-year lift in the English regions at 4.5%, followed by the West Midlands at 4.4%.

The North West recorded the smallest year-on-year growth in prices, with a 0.6% annual increase taking average prices in the region to £163,000. The average property price in London is £441,000 and prices in the English capital are now almost one fifth (18.1%) higher than their 2008 peak.

 

The North East continues to have the lowest average house price out of the English regions, at £148,000, although the region has seen values climb by 4.2% over the last year.

In the 12 months to November, house prices rose by 5.6% in England to reach around £258,000, by 5.4% in Wales to £167,000 on average, by 2.5% in Scotland to £184,000 typically and by 3.3% in Northern Ireland to around £131,000.

Several housing market studies have pointed to the housing market revival becoming increasingly broad-based in recent months. According to the ONS report, house prices in the South East and the East of England are also above their previous 2008 peaks.

Across England, house prices are now 2% higher than their 2008 peak, although in Scotland and Wales they are still 5.5% and 4.0% respectively below their 2008 highs.

In Northern Ireland, prices are 49.4% below their pre-crisis high, with the market there only recently having shown signs of stabilising following some sharp price falls after the financial downturn.

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