UK house prices rise at the fastest pace in 15 years.
Median house prices rose £ 20,000 this year, with Wales and Northern Ireland seeing the biggest increases.
UK house prices have grown at the fastest rate in 15 years for the past three months, with an average home valued at £ 20,000 more than at this time last year, according to Halifax.
Prices rose 3.4% in the quarter to the end of November, which is the highest quarterly rate since the end of 2006 and brought the median home price to a record £ 272,992. A shortage of properties on the market, a strong job market and competitive mortgage rates were propping up prices, the lender said.
House prices rose 1% for the fifth month in November and were 8.2% higher than the same period last year when the median property cost was 252,235. Both the monthly profit and the annual growth rate were the same increases as in October.
Wales remained the UK’s fastest-growing house price nation, with annual inflation of 14.8% pushing the median house price to over £ 200,000 for the first time. Northern Ireland also continued to post double-digit annual growth of 10% and a typical property cost of £ 169,348. In Scotland, the average price of £ 191,140 is the most expensive on record, with values increasing by 8.5% year on year.
In London, annual houses prices inflation lagged 1.1% last month, slightly more than in October, but the median price of £ 521,129 is still much higher than in the rest of the country.
Russell Galley, Managing Director of Halifax, said: “Market performance continues to be supported by a shortage of available properties, a strong job market and strong competition among mortgage providers that keep rates near historic lows. Those taking their first step up the property ladder are also playing an important role in driving activity, with annual home price inflation for first-time buyers of 9.1% compared to 8.8. % for those who move house.”
Flats lead the way with double-digit annual price inflation of 10.8%, while detached properties are up 6.6% in price year-over-year. This suggests that the “race for space” is becoming less prominent than before in the Covid-19 pandemic when a shift to working from home led many people to seek larger properties in leafier locations.
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