Average house prices in Britain hit a new record!
The Halifax UK house price index year-on-year for November was released on Friday, reaching 4.8%, which was the highest in two years, according to Halifax and Bank of Scotland. That was in contrast to October's 4%, as well as market expectations of 3.6%.
On a monthly basis, home prices rose for a fifth straight month in November, rising 1.3%, compared with a 0.4% increase in October and analysts' estimates of 0.2%. It was also the biggest increase since June 2022.
In addition, the average house price hit a new record high of £298,083 (€359,477.67) in November.
This was mainly due to higher demand driven by more clarity around the new budget, as well as lower interest rates and falling unemployment. Although inflation is still relatively high, wages have also increased in recent months, leading to more demand for housing.
Annual property prices in Northern Ireland rose by 6.8% in November, more than any other region or nation in the UK, with the average property now setting buyers back around £203,131 (€244,977).
This was largely due to increasingly competitive mortgage rates and stronger consumer confidence.
In England, however, the North West saw the strongest gains in house prices in November, which rose by 5.9% year-on-year. In the region, the average property price is now around £237,045 (€285,838.34). Similarly, property prices in the West Midlands also rose by 5.5%.
On the other hand, property prices in Scotland rose at a relatively milder pace, by 2.8% in November, with buyers having to pay an average of around £208,957 (€251,996.92) for a home.
Perhaps surprisingly, average house prices in London were the most expensive in the UK advancing by 3.5% to £545,439 (€657,894.89) in November.
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