House prices rise 0.9% in November

House prices rose for the sixth month in succession in November, taking the average house price in the UK to almost the same level as a year ago.

Official Land Registry figures put the monthly rise at 0.9 per cent, to £161,554. That is 0.3 per cent below the average price of £162,023 in November last year.

The highest monthly rise was in Wales, where prices jumped by 2.9 per cent in November, today's figures show.

In London, which has led the recent house price recovery, prices were up by 2 per cent and are now 3.5 per cent higher than 12 months ago, at an average of £324,231.

The South East, the South West, London and the East are the four regions to experience overall annual price rises in the 12 months to November.

The West Midlands was the only region in which prices fell last month, recording a decrease of 0.4 per cent.

The average UK rise, greater than the 0.6 per cent increase recorded in October and the same as the rise in September, is a sign that the rebound that began in April did not falter towards the end of the year.

Low interest rates and high demand relative to a short supply of properties have helped to breathe life back into a market that saw values plummet by more than 20 per cent in two years.

However, the increase has so far been skewed towards detached family homes — for which there is greatest demand but shortest supply.

Prices of these properties were 1.6 per cent higher last month than in November last year. Semi-detached and terraced homes were down over the year by 0.1 per cent and 0.3 per cent, respectively.

From Times Online
Rebecca O'Connor