House prices are on the up across the UK, new data confirms
- Credit: Getty Images/iStockphoto
UK house prices have risen by more than 2 per cent year-on-year, new data has revealed.
According to the Halifax House Price Index, property prices were up by 2.1 per cent in November compared to a year ago, while there was monthly growth of 1 per cent from October.
The average UK house price now stands at £234,625 - the highest since Halifax's index began in 1983.
This average figure is up from the year's previous high of £234,195, which was recorded in February, meaning prices are now up by £3,904 on the start of the year.
And while house prices have been rising, Bank of England figures show that mortgage approvals fell by 1.8 per cent from September to October. Year-on-year growth stands at -3.3 per cent.
Russell Galley, managing director of Halifax, noted that average prices had "rebounded somewhat" in November, with growth driven by the biggest monthly rise since February, following two months of modest falls.
He added: "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.
- 1 Suspected loan sharks arrested in Hemel Hempstead
- 2 Meet the artist behind The Queen's Platinum Jubilee mural in St Albans
- 3 Building company resurfaces bridleway to provide safe route for riders and walkers
- 4 St Albans shop showcasing small independents by renting out shelves
- 5 See inside this loft style apartment in a former hat factory
- 6 Foodies queue to try street food sourced, cooked and served in Herts
- 7 Train timetable shakeup due in St Albans and Watford from May 15
- 8 MoonWalk success for the St Albans cancer survivor and her Belgian Buns
- 9 Company of Ten's A Bunch of Amateurs production 'milks the comedy for all its worth' at the Abbey Theatre
- 10 Harpenden neighbours condemn plans for builders merchant next to residential properties
"It is these issues which we believe will continue to underpin the resilience evident in the market for most of 2019.
"Over the medium term we expect the emerging trend of modest gains to continue into next year."