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The average house price in the UK has reached a new record high of £298,083 in November, according to data from the UK’s largest mortgage lender, Halifax. The figure surpasses last month’s peak of £293,999 and represents the fastest monthly rate of growth in house prices this year. It is the fifth consecutive monthly rise, with further increases anticipated next year. The bank said that house prices rose by 1.3% in November compared to October. On an annual basis, the growth rate was 4.8%, the highest seen for two years.
Amanda Bryden, head of mortgages at Halifax, commented that latest figures indicate “improving levels of demand for mortgages, as an easing in mortgage rates boost buyer confidence.” She added that stronger employment prospects, combined with lower interest rates, suggest that “further house price rises” are likely for the remainder of this year and into 2022. However, Bryden noted that “many potential buyers and movers still face significant affordability challenges”, and “buyer confidence may be tested against a changeable economic backdrop”.
Industry experts have attributed the surge in house prices to a combination of factors, including an increased demand from buyers, coupled with the relative softness of the market one year ago. Jonathan Hopper, chief executive of Garrington Property Finders, suggested that “hesitation has turned to hurry in some parts of the market, especially among first-time buyers racing to complete their purchases before the stamp duty thresholds change at the end of March”. Alice Haine, personal finance analyst at Bestinvest by Evelyn Partners, also highlighted the importance of stamp duty concerns. She stated that “property prices are likely to rise in the run-up to the deadline as buyers and sellers race to beat the tax hike”.
The Halifax’s house price data is exclusively based on their own mortgage lending and does not include cash buyers or buy-to-let deals. Northern Ireland recorded the strongest growth in average house prices in the UK, with an average price of £203,131; this was followed by the North West of England at £237,045, and the West Midlands at £257,982. Scotland recorded a modest 2.8% rise in house prices, with the average property now costing £208,957. Meanwhile, London remains the most expensive place to purchase property, with the average cost at £545,439
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