House prices are on the up across the UK, new data confirms
PUBLISHED: 13:38 10 December 2019 | UPDATED: 13:51 10 December 2019
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.
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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.
"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."