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House Price Growth Recovered in November

November saw the largest growth in the UK property market for three months, according to a new index.

Halifax: UK Property Prices Rise November 2016

November saw the largest growth in the UK property market for three months, according to a new index.

The Halifax House Price Index has revealed that last month house prices rose to their highest since Brexit, with annual growth rising to 6.0% for the first time since August.


Standing as a significant increase from the 5.2% seen in October, the figures mark the first month of increases for year-on-year growth for 8 months, with the last rise seen in March shortly before the introduction of the new Stamp Duty surcharge.


Quarterly growth was also on the rise according to the index, increasing to 0.8% in November and up from last month’s 0.1% rise. The quarter-on-quarter rate is also at its highest level since July, where growth reached 1.5%.


Whilst a more volatile metric for demonstrating trends in the housing market, the month-on-month change also remained positive in November with growth of 0.2%. Whilst this is down on last month’s 1.5% increase, it also marks the third successive monthly rise.


Following the increases seen across all metrics, the average house price now stands at £218,002, according to the lender.


Commenting on the figures, Halifax housing economist, Martin Ellis, said:


‘Very low mortgage rates and an ongoing, and acute shortage of properties available for sale should help support price levels although annual house price growth may slow over the coming months.’


Earlier this week, fellow lender and building society, Nationwide, revealed that demand for properties in the UK also rose throughout November, highlighting a strong labour market and record low interest rates as key motivators.

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