House prices saw the fastest price growth since January

House prices saw the fastest price growth since January

House prices are continuing to surge higher, according to research by Halifax that runs contrary to most other surveys of the housing market.

United Kingdom house prices increased more than expected in November, data published by the mortgage lender Halifax and IHS Markit showed Thursday. Prices rose 3.9pc in the three months to November, compared with the same period past year, but the pace of growth has slowed since October, when the annual increase was 4.5pc, according to the lender. This was the fastest price growth, on this measure, since January.

A fifth consecutive increase in monthly house price growth certainly makes positive reading given the current market climate, particularly during a traditionally slower time of year as we approach the festive season.

Russell Galley, managing director at Halifax Community Bank, said: "Whilst the annual rate of growth eased in November, with the first decline in this measure since July, when looking at quarterly change prices in the three months to November, were marginally higher than in the preceding three months; the fourth consecutive quarterly increase".

United Kingdom house prices were up 3.9% in the year to November, according to the latest reading from the Halifax index.

Property portal Rightmove reported that November saw the number of properties dropping the asking price hit a five-year high, as sellers hoped to tempt buyers.

"Further ahead, increasing affordability issues, as price increases continue to outstrip wage growth, are likely to curb housing demand and cause price growth to ease".

However, Galley said Philip Hammond's decision to scrap stamp duty for first time buyers up to £300,000 could boost the market. However, the lack of property - both in the United Kingdom and available for sale - will continue to prop up prices, regardless of other details. Following a couple of months in which new instructions had held broadly stable, supply has now fallen in 20 consecutive months to October.

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