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UK property prices rise by 3% in fastest increase for 3 years

House prices have increased at their fastest rate for three years.

Market Profit Property

House prices have increased at their fastest rate for three years.

According to LSL Property Services, the average house price increased by £11,219 over the last twelve months, marking an unprecedented level of growth in the market.


The level of growth has placed the average price of a house to £238,839 in November 2013, with a month-on-month increase of 0.6% since October and a 4.9% rise on November 2012’s figures.


The report highlights growing consumer confidence as the British economy improves, contributing to the continued strength of the property market. Sales for LSL have risen by 16% over the course of 2013, with estimates that sales in the month of November alone were 77,000 – the largest number of transactions achieved for a November since 2007.


This growth has been supported by figures from the Council of Mortgage Lenders estimating that lending for mortgages will grow by £25 billion in 2014, due to the increase in the number of first-time buyers and home movers purchasing over the coming months.

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