The average UK house price rose 2.1 per cent year-on-year in November to £234,625, the sharpest rise since six per cent in February.
November recorded one per cent month-on-month growth compared to October, the Halifax House Price Index revealed.
October had seen the slowest month-on-month growth of the year at minus 0.1 per cent.
House prices rose 0.2 per cent for the three months to 30 November.
Affordability boon
Russell Galley, managing director of Halifax, said: “Prices are now up by £3,904 since the start of the year. While a degree of uncertainty remains evident, it’s also clear that buyers and sellers are responding to factors such as improved mortgage affordability and the limited supply of available properties.
“We believe these issue will continue and we expect the emerging trend of modest gains to continue into next year.”
Andrew Montlake, managing director of Coreco, added: “The mortgage market has been carrying the property market on its shoulders for some time and this was more evident than ever in November.
“Mortgage rates are so low that despite the political noise people are getting on with their lives and moving home.
“The pragmatism in the market is being supported by the fact sellers have also become more realistic around asking prices,” Montlake said.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
